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September New Home Sales Explode Higher

Tyler Durden's Photo
by Tyler Durden
Tuesday, Oct 26, 2021 - 10:08 AM

Following the surprise upside surge in existing home sales, analysts expected new-home-sales to accelerate further in September but they literally exploded higher instead. After a downward revision to -1.4% MoM in August, September new home sales screamed 14.0% higher MoM in September - the biggest jump since July 2020...

Source: Bloomberg

New home sales are still down 17.6% YoY however.

New Home Sales SAAR jumped back to its highest since March...

Source: Bloomberg

Echoing Case-Shiller's recent data, median new home price rose 18.7% YoY to a new record high of $408,800; average selling price at $451,700...

This comes as quarterly home orders at PulteGroup Inc. missed estimates, the Atlanta-based builder said earlier on Tuesday. Pulte, faced with a backlog of contracts, have slowed sales while it catches up on production.

“The housing industry continues to experience robust demand, but significant disruptions in the manufacture and supply of many building products are extending overall build cycles,” Ryan Marshall, Pulte’s chief executive officer, said in a statement.

The Northeast saw the biggest (+32.3%) surge in sales while the MidWest saw sales slide 1.5%.

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