But, but, but... the housing recovery. Was demand pulled forward? Could it be that warm weather encouraged people to venture out of their igloos? It appears so as new home sales plunge 8.4% MoM on expectations of a rise of 0.7%, days after the already fudged NAR data showed a huge miss in existing home sales as well. This is the first miss since October of last year and the biggest miss of expectations since October 2010. This is the biggest absolute drop since January with the actual number of new homes sold, not annualized, in June was 33,000 - of which a mere 1,000 was in the NorthEast. Median home prices also fell appreciably. Hope.is.fading as we note that of the 33,000 total new houses sold in June, 11,000 have not even been started, and 11,000 are still under construction and the number of homes sold at a price over $750,000 was less than 1,000.
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Median home prices down 3.2% and are now the lowest since January:
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