US New Home Sales Tumbled In April Amid Further Downward Revisions…

24.05.23 News

US New Home Sales Tumbled In April Amid Further Downward Revisions…

After unexpectedly surging in March, new home sales plunged 4.7% MoM in April (considerably worse than the 2.2% MoM decline expected). This dragged new home sales down 7.7% YoY…

Source: Bloomberg

As usual, previous data was revised downwards…

Source: Bloomberg

With revisions, new home sales SAAR fell to 634k – basically unchanged for eight years…

Source: Bloomberg

New home sales median price remains near record highs…

Source: Bloomberg

Interestingly, the supply of new homes has been soaring up towards record highs…

Source: Bloomberg

Mortgage rates above 7% continue to plague existing-home sales, which are “stuck,” National Association of Realtors Chief Economist Lawrence Yun said last week.

Source: Bloomberg

Just how long can homebuilders fill this gap?

Tyler Durden
Thu, 05/23/2024 – 10:09

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