Spot The Odd One Out - New Home Sales Spike To 7-Month Highs

Tyler Durden's picture

Existing home sales - down; pending home sales - down; affordability (as rates spike) - down; new home sales - up at 7-month highs (beating all but one of 70 economists' estimates)

New Home Sales SAAR in Feb printed 592k (beating expectations of 564k by 3 standard deviations)...

Weather played a big role by the look of it...

Northeast sales tumbled 21.4% MoM as Midwest soared 30.9% MoM!

And home prices appeared to tumble to the lowest since July.

 

This is the biggest two-month median home p4ice drop since 1970...

 

Spot the odd one out...

Choose your own narrative.

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E.F. Mutton's picture

They should be required to prefix these reports with "Once upon a time..." Like all good Fairy Tales.

abyssinian's picture

This means people are so rich, they only want to buy new homes.  Just like car sales, all new cars no used cars... lol

Jim Sampson's picture

What?  You guys don't buy a new house every 3-5 years? 

lasvegaspersona's picture

The average is to move every 7 years or so.

JRobby's picture

Looks like valid data to me.............................

AC_Doctor's picture

This charts shows the deception from NAR, in conjuction with the US Govt. progagandists.

Consuelo's picture

 

 

Unfortunately, your comment is not sarcasm...

JRobby's picture

Designed to kill off people that focus on keeping up with the Jones'. And it works. Of course it does. "THEY" know it does.

Of course there is a heavy toll on the healthcare system as these "worriers" linger until an illness actually manifests itself and takes them.

Laddie's picture

Well these stats if not true now will be true in the future because just through legal immigration, and immigrants, which are over 90% from the 3rd world have large families.
They have to live SOMEWHERE and rents and house costs will continue to climb, climb, climb.

90% of US Naturalizations from 3rd World

In a further confirmation of the danger that legal immigration poses to America, new figures from the Department of Homeland Security (DHS) have revealed that 90 percent of all US citizenship naturalizations in 2013 were made by people originating from the Third World.

LEGALLY millions enter the US each year, before the 1965 Immigration Act came into existence America had about 154 million people, land was cheap and readily available for ordinary folks to buy. But that was the BAD America, 90% White and Christian...

But don't worry people of color are doing much, much better in the USSA

From today's Wall Street Journal
Whites’ Mortality Rate Worse Than Thought

“For many Americans, America is starting to fail as a country,” said James Smith, chair in labor markets and demographic research at the Rand Corp., who wasn’t involved in the paper and said he was struck that mortality rates are rising for young working-class adults. “The bad things that are going on in America do not appear to be going on in Western European countries, and that’s a big deal.”

The phenomenon is occurring all across the country, both in urban and rural areas, Ms. Case and Mr. Deaton wrote. And the ills are so deep and complex that it could take many years and many changes in policy to reverse.

Nine Charts That Show How White Women Are Drinking Themselves to Death

More Whites Die Than Are Born in One-Third of States Wall Street Journal, November 29, 2016

America's dying whites: Caucasian death rate now outstrips the birth rate in a third of states
Latino, black and Asian populations grow while white families have less children Daily Mail (London) 30 November 2016

Decline of America's white population accelerating The Hill 12/02/2016

The NRA will fall. It’s inevitable. Just look at the demographics. The Washington Post, October 19, 2015 by Adam Winkler professor at UCLA School of Law

Moe Hamhead's picture

So, what is a "pending home sale"?  is that the sale of a "pending home"?  Does it ever become a "new home" or an "existing home"?  Is it still pending from 2009?  I'm not quite sure I understand the chart!

Cardinal Fang's picture

Tha narrative I choose is that yuppies prefer to live in unsoiled quarters.

Caloot's picture

There is actually something to this.    I live in an affluent resort town, and that statement is completely true.   You don't even want a 20 year old home, they are out of date in design and construction and of course they are not as nice as the twice as much new home that they just built.   10 years and older just sit...

HelluvaEngineer's picture

Yuppies and 3rd world hellhole immigrants who prefer to use their monthly housing allowance on high density housing, so they feel somewhat like they are back at home.

quadraspleen's picture

That's because they sell them off-plan for a couple of biscuits and a can of coke up-front

ejmoosa's picture

I'd want to know if they are cutting the prices of those new homes to reduce their inventories.

CRM114's picture

Up north of the border, my relatives have just sold. The realtors were pushing the new builds more because, as far as I can work out, they are getting more commission from the builders to sell the new ones.

So, little or no price drop but pushier realtors is possibly the reason.

_RRR_'s picture

if like 2006 you sold 2 homes yesterday and bought another 3 today this chart could be the real thing

I am Jobe's picture

Inbred USA has dreams too you know.  

I am Jobe's picture

 

 

The Forces Driving Middle-Aged White People's 'Deaths Of Despair'  Listen·4:514:51 Queue March 23, 20175:00 AM ET Heard on Morning Edition http://www.npr.org/sections/health-shots/2017/03/23/521083335/the-forces... Despair my azzz. White Women screwed evey nice guy what do you expect. 
swchach's picture

MMost of this new construction is Phase 2 of developments that came to a screeching halt in 2007ish. Just as phase 1 were almost at break even the shovels hit the dirt building same houses at same prices trapping phase one again. Why buy a 10yo house for $400k when you can get a new version for the same or 10% more? 

Oldwood's picture

Location, location, location.

Houses Depreciate's picture

"Location" is just a well worn marketing technique used by realturds to get their target to pay far more than the property is worth.

venturen's picture

rising mortgage rates are going to Nuclearize this...

 

Skyrocketing housing cost and stagnant wages part II...the true death. 

Silver Savior's picture

The real estate industry needs a good swift kick in the ass.

CJgipper's picture

It's actually pretty straight forward if you shop a bit.  In my city, the 20 year old houses in teh suburbs are nice, but a bit dated.  Some may need paint, some brick work, they're not all that energy efficient, may be getting due for a few new appliances, etc.  But the location is better.  Those houses are 350k-400k.  Or, you can go 10 minutes further, and buy a brand new LEEDS certified house on 1/4 acre (less maintenance) for 350k-400k.  They're buying new to avoid any hassles and get the latest features.  It's all just way, way overpriced.  Remodeling is too expensive relative to just buying new.  If the price gets too low on an existing home, an investment group buys it and puts it up as a rental.  Sucks.

Houses Depreciate's picture

LOL...... remodeling is "too expensive" relative to a rapidly depreciating shack at $400k? 

You need your head examined.

World-Gone-Mad's picture

FAKE NEWS. Can't trust NAR.

venturen's picture

make sure you are buying in a non-recourse state or you are going to be very unhappy. There are many high end homes that still can only be sold for a sizable loss only 30 miles from NYC

ThankUGartman's picture

WRONG! Fake news. Sounds like those in the know are getting out of densely populated regions for a "safer" environment.

moonmac's picture

2 Fakebook friends swore off apartment living this week. Noisy tenants driving them to rent SFH’s. I got shingles in my late 20’s dealing with College kids above me. I’d rather kill myself then to go back slumming it surrounded by neighbors. The floors and walls in our 1972 home are more sound proof then these new cracker jack apartment buildings. How do teenage boys handle hearing people having sex all night long? It would have drove me to rape!

In a British woman’s accent: Welcome to the new Row Homes of Windsor Lakes where you can hear your neighbors “fucking” all night long. Oh my…

redtie's picture

No. New is not better.  I prefer the 10 year old house that comes with the pool outbuildings etc. With a few acers anyday...

maxamus's picture

What is an acer?

And a 10 y/o house today was built in 2007, that was the peak of housing and the absolute most shoddy constrution in our lifetime, that is when they threw things together, tossed paint on them and sold them to flippers.  I would NEVER buy a house built in the mid 2000s. 

Silver Savior's picture

Nothing pisses me off more than the real estate industry. Greedy like no tomorrow. Waiting for the big crash to hit that would put 08 and 09 to shame.

Anarchyteez's picture

Only time to buy RE is when blood is in the streets. Housing is not a damn investment. They'll all find out again soon.