US New Home Sales Unexpectedly Tumbled In June As Homebuyer Confidence Crashes To Record Low
After a disappointing dump in existing home sales in June, new home sales just confirmed the slowdown, dropping 0.6% MoM (notably below the 3.4% MoM expected) and also saw a major downward revision in May from -11.3% MoM to -14.9% MoM. That leaves new home sales down 7.4% YoY...
Source: Bloomberg
That shift dragged the new home sales SAAR down to 617k - basically unchanged since 2016...
Source: Bloomberg
While the median new home price rose in June, it remains below the median existing home price...
Source: Bloomberg
It appears the homebuilder subsidy fad is wearing off as mortgage rates show no signs of easing significantly...
Source: Bloomberg
Of course, none of this should be a surprise as homebuyer confidence has collapsed to an all-time record low...
Source: Bloomberg
Will cutting rates help?
NEVER MISS THE NEWS THAT MATTERS MOST
ZEROHEDGE DIRECTLY TO YOUR INBOX
Receive a daily recap featuring a curated list of must-read stories.