Macro: New Home Sales
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New home sales have been in an uptrend for the past 15 months. That trend is slowing and has perhaps come to an end. In October, homes sold at a rate of 679,000 units per year or just above the long term average of 656,000 units.
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The median price continues to come down. Prices dropped just over 3% from September and are -17.6% from a year ago. October 2022 was the highest median price ever recorder for new home sales in the US. Therefore, the -17.6% drop is likely the max yoy benefit to inflation numbers that we will receive from home prices.
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Inventories remain elevated.
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