November New Home Sales Surge By The Most Since 1992

After calamitous declines in December's Existing- and Pending-Home Sales, and Case-Shiller's report that home price gains are the weakest in four years, New-home sales were (like the others) expected to rebound in November (delayed due to the shutdown)... and they did, massively.

Against expectations of a 4.8% rebound from October's 8.9% plunge, November printed a surprising 16.9% MoM surge in new home sales...the biggest MoM rise since Jan 1992.

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But Year-over-year new home sales are still down...

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New Home Sales SAAR rose to 657k (massively above the 570k expected)...

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as the median price plunged to $302,400 - the lowest since Feb 2017...

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That is the biggest MoM drop in Median home prices since May 2016...

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So what happens next? Does November's surge collapse like December's did for pending and existing sales?

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