After existing-home sales printed a very modest rebound from lowered numbers, analysts expect new home sales to rebound from 12-month lows in June (even as homebuilder confidence sinks to an 11-month low), but boy oh boy were they wrong.
Against expectations of a 3.7% MoM jump, new home sales plunged 6.6% MoM in June (and worse still May was revised lower from -5.9% to -7.8%)
Even more amazing is the fact that new home sales are down almost 20% YoY - the worst since 2011.
This leaves the SAAR at its lowest since April 2020.
The median new home price dipped...
Supply is finally beginning to pick up (up 7% MoM) to highest since March 2020
Something has to give in this chart...
Will Jay Powell be the trigger at J-Hole?