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