New Home Sales Data Suffers Huge Downward Revisions, Inventories Hit 13-Year-High

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by Tyler Durden
Wednesday, Nov 24, 2021 - 03:28 PM

New home sale rose 0.4% MoM (better than the expected unchanged print), but this hid the dramatic downward revisions of prior data (September's +14.1% MoM spike smacked down to +7.1% MoM). New home sales remain down over 23% YoY...

Source: Bloomberg

The downward revisions dominated the narrative...

This pushed the New Home Sales SAAR to 745k - the highest since April.

Source: Bloomberg

There were 389,000 new homes for sale as of the end of October, the most in 13 years -- though 28% of those houses were not yet started. At the current sales pace, it would take 6.3 months to exhaust the supply of new homes, compared with 3.6 months at the start of the year.

Sales SAAR has been dropping as prices have soared...

As Mean and Median home prices hit record highs...

How are you going to let these homeowners down gently Mr.Powell?