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What Weather? New Home Sales Surge 9.6% In Feb As Median Home Price Drops To 5 Month low

Tyler Durden's picture




 

Following last month's biggest miss in 5 months, New Home Sales were revised higher in Jan and rose 9.6% in February to 468k (beating the 400k expectations by the most in 13 months). This is a new five-year high for new home sales. The "catastrophic" storm-battered NorthEast had new home sales of 33k (+73% MoM) - the highest since June; and the Snow-covered South saw huge sales. Home prices are up year-over-year by 3.4% but dropped to their lowest since August. If this does not entirely dismiss the 'weather is to blame' meme for any other macro weakness, then what does?

New 5 year highs for sales...

 

As prices drop...

 

and momentum is fading in price appreciation...

 

Charts: Bloomberg

 

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Wed, 02/26/2014 - 11:11 | 4479979 Flakmeister
Flakmeister's picture

Squirrel!

Wed, 02/26/2014 - 11:13 | 4479999 VD
VD's picture

yet mortgage apps are down as are 1st time buyers....

Wed, 02/26/2014 - 11:15 | 4480005 philipat
philipat's picture

Umm, baffle by bullshit??

Wed, 02/26/2014 - 11:19 | 4480014 Mercury
Mercury's picture

How much you want to bet that repeat buyers and cash transactions have been up?

Wed, 02/26/2014 - 11:25 | 4480034 Max Damage
Max Damage's picture

Wells Fargo's move into subprime went better than expected!!

Wed, 02/26/2014 - 11:31 | 4480055 VD
VD's picture

return of the NINJA bitch!

Wed, 02/26/2014 - 11:46 | 4480126 slotmouth
slotmouth's picture

He never left, he was just hiding in the shadows.

Wed, 02/26/2014 - 13:54 | 4480783 TruthHunter
TruthHunter's picture

"mortgage apps are down as are 1st time buyers..."

   Who needs a mortgage if you have access to QE2 money?

Probably 100th time buyers are up.

Wed, 02/26/2014 - 11:22 | 4480027 Max Damage
Max Damage's picture

How many houses on the FEDs balance sheet then ;)

Wed, 02/26/2014 - 11:12 | 4479985 Smegley Wanxalot
Smegley Wanxalot's picture

Yes, cold weather prevents me from going out and buying coats, food, household needs and other shit, but I have no issue at all marching thru 10 feet of snow to 40 different houses to find one I like and then buying it.

What a crock of bullshit our govt stats are.

Fuck you Uncle Slick Sammy.  Lying maggot.

Wed, 02/26/2014 - 11:12 | 4479993 kaiserhoff
kaiserhoff's picture

Great chart porn.   Scraping along the bottom.

One new thing in my area is condos failing.  You don't think about that in a college town, but a couple of projects don't just have a dozen for sale, they have a hundred or more, Florida style.  Look out below.

Wed, 02/26/2014 - 11:31 | 4480048 pavman
pavman's picture

College towns are great investments for rental properties, esp. if they're cheap as dirt.  Which town is this?  Shit... buy the whole building and make it upscale and watch those mofos get into debt up to their eyeballs to for the pleasure of living there!  Just need a few hipsters the lemmings will follow into debt slavery.

Wed, 02/26/2014 - 11:15 | 4479996 LawsofPhysics
LawsofPhysics's picture

Lower prices lead to affordability and spending?  What is this bullshit, deflation is bad!!!

 

/s

 

Of course, the number is probably bullshit anyway...

 

Wed, 02/26/2014 - 12:02 | 4480198 tip e. canoe
tip e. canoe's picture

it seems to be most definitely bullshit.

pull up a zillow on the NE recently sold, 30 days, all categories, both new & existing = ~16k TOTAL

granted there are sales that flow through zillow's cracks,
but both new & existing only ~16K while .gov's figures are 33k for new sales only????
come on...

this search = NE, recently sold, 90 days, built 2010- = a whopping ~1,888

Wed, 02/26/2014 - 11:13 | 4479997 NDXTrader
NDXTrader's picture

That was a real stick save. I give that number 0.0% chance of being accurate

Wed, 02/26/2014 - 11:16 | 4480008 Winston Churchill
Winston Churchill's picture

Minitrue approved number.

Picked it from Obozo's ass so we know its a golden turd.

Wed, 02/26/2014 - 11:33 | 4480068 RSloane
RSloane's picture

72 hrs ago - "WS downturns amid poor housing data"

today - "WS ticks higher amid strong housing data"

.gov was just adjusting the headlines

 

Wed, 02/26/2014 - 11:16 | 4480006 ebworthen
ebworthen's picture

Notice it's new home sales, not existing.

Mid to upper level crony corporate and bankster management flush with cash eager to buy Muffy her new McMansion with granite counter tops, new carpet, and toilets that no one else has taken a crap in (don't tell her about the drywall guys).

It's easy to drive to view the McMansion with your $20 worth of Starbucks coffee in the all wheel drive German luxury sedan or SUV; and it's fun to look down your noses at the "little people" in their Sentras and Civics going off to slave for the kleptoligarchy.

Wed, 02/26/2014 - 11:29 | 4480044 greatbeard
greatbeard's picture

My dear boy, I'll be daft if you don't sound a trite bitter.

Wed, 02/26/2014 - 11:32 | 4480049 The_Ungrateful_Yid
The_Ungrateful_Yid's picture

Muffy may have some new and sterile shitters, but muffy's hubby wasn't the first nor the last to drain his balls in her.

Wed, 02/26/2014 - 11:46 | 4480127 Spastica Rex
Spastica Rex's picture

"Sentras and Civics"

I wish.

Wed, 02/26/2014 - 12:42 | 4480412 dexter_morgan
dexter_morgan's picture

The recovery is awesome for about 1% of the population, and all the talking heads and professional bullshitters on the boobtoob are all in that group, so they figger everyone is.

Wed, 02/26/2014 - 11:16 | 4480009 EuropeanBankster
EuropeanBankster's picture

Probably homeless people getting ninja loans just to get shelter from the polar vortex..

Wed, 02/26/2014 - 11:17 | 4480011 NoIdea
NoIdea's picture

It's the economic recovery. Buy stocks! I got this great tip on a car company called "Tesla"...

Wed, 02/26/2014 - 11:23 | 4480013 Dr. Engali
Dr. Engali's picture

The fembots are confused. Does this mean moar QE or less QE? Much more of this and their brains will be scrambled.

 

 

http://youtu.be/9H4prE95LE0

Wed, 02/26/2014 - 11:18 | 4480015 SmackDaddy
SmackDaddy's picture

Has anybody esle seen these tough mudder ads I'm getting here with that hot bitch carrying some giant bald pussy.  All the biggest faggots in my gym seem to have tshirts from that or some warrior run or some shit.  Fucking pathetic.

Wed, 02/26/2014 - 13:30 | 4480668 SilverFish
SilverFish's picture

Tough Mudder is for suburbanite cubicle dwellers who want to act tough by posting pics of their cronies and themselves posing in some lame warrior stance and growling at a camera, yet are too afraid to go out into the real wilderness to take on some real mountain climbing or whatever. Real tough guys. Just last year, one of em died by drowning and the Tough Mudder boards were filled with participants crybabying about the lack of sufficient EMT personnel on hand to prevent it. Real hard core warriors, I tell ya.

 

I agree, very pathetic. If ya can't handle your own drug, don't do it.

Wed, 02/26/2014 - 11:20 | 4480021 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Yea, everyone in North East was out home shopping in sub zero horror show.

Cuz rates had gone so low, what?

Cuz everyone buys houses in the middle of winter, what?

The only ones out buying on lower price are the next wave of speculators or buy to renters. De Blasio time, gov pays rent for everyone.

Wed, 02/26/2014 - 11:25 | 4480036 Ness.
Ness.'s picture

This CAN'T be so - Joe Lasagna told me it's all the weather's fault.  Joe, say it ain't so!?

Wed, 02/26/2014 - 11:30 | 4480052 Hohum
Hohum's picture

New Home Sales for February?  It must be great, the month isn't even over yet.

Wed, 02/26/2014 - 11:31 | 4480059 HaroldWang
HaroldWang's picture

So if the number was bad it would be due to the weather which would mean mkt rallies. But since the number was good, well, just rally because it's a good number. So easy when you know the game.

Wed, 02/26/2014 - 11:31 | 4480060 Yen Cross
Yen Cross's picture

    Get that worthless douche Susan Rice on the horn. She'll spin anything into cotton candy.

Wed, 02/26/2014 - 11:36 | 4480080 SheepDog-One
SheepDog-One's picture

Anyone still believes any of these professional liars?

Wed, 02/26/2014 - 13:17 | 4480595 adr
adr's picture

Seasonal adjusted bullshit about as reliable as Tesla's accounting ledger. Remove 400k and you're still double the real total.

Wed, 02/26/2014 - 13:37 | 4480697 starman
starman's picture

You should see Socal 75k Range Rovers and Benzes front of 750k

ctacker jack boxes!?Life's good lol! 

Wed, 02/26/2014 - 14:45 | 4481059 Alien 851
Alien 851's picture

Is there channel stuffing in housing... just wondering.....

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