Having exploded 18% higher in August (driven by, um, record high prices) [4], September's new home sales printed at 467k (against expectations of 470k) and August's surge to 504k was revised lower to just 466k (busting the biggest beat since 2005 meme) revised 7.5% lower. After August's reported 50% MoM rise in The West, the region saw the rate of sales slow in September. The median new home sales price (at record highs last month) fell 4% YoY to $259,000.
New Home Sales Missed...
[5]
Last month, New home sales rose the most since 1992... and there was much rejoicing...
[6]
and now that has been drastically revised lower to a 10% jump in August and a drop in July - one wonders if the gains in homebuilder stocks will also be relinquished.
[7]
Either NAHB sentiment has to plunge (as it has done the previous two times) or home sales magically surge back to bubblicious levels...
[8]
You Decide...
Charts: Bloomberg
