The Housing Recovery Remains Cancelled Due To 6 Months Of Downward Revisions

Following last month's surge to record high home prices, it is perhaps no surprise that for the 6th month in a row, home prices have been revised lower. New Home Sales printed 438k, down from prior revised lower 445k and missing expectations of a surge to 460k... missing for 8 of the last 10 months. However, the key focus should be on the epic revisions of the (by now useless) home sales. For the period May - November, the initial new home sales prints amount to 2.779MM houses. Post revision, the number plunges by 22% to 2.168K. There goes the housing pillar of recovery (let's hope economists are wrong and rates don't rise next year eh?)

 

Spot the recovery...

 

8th miss in 10 months..

 

As average home prices plunge...

 

And revisions smash the recovery meme...

 

Revisions, simply put, slash 22% off the previously released home sales data!!!

 

Charts: Bloomberg

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