After a big surprise surge in existing home sales, new home sales in February disappointed, dropping 0.3% MoM (vs an expected 2.3% increase).
Source: BloombergDespite the decline, new home sales are up 5.9%.Sales declined in the Northeast and Midwest…
Source: BloombergWhile homebuilders are buying down rates, we note that mortgage rates jumped back above 7% in February and likely was the driver of the unexpected weakness (despite NAHB sentiment surging).
“Buyers have largely adjusted to the rate environment and we are encouraged by the demand we’re seeing that the onset of the spring selling season,” Jeffrey Mezger, KBHome’s chief executive officer, said on the company’s recent earnings call.
Not sure we can trust the words coming out of your mouth mate…
Source: BloombergMedian new home price fell 7.6% y/y to $400,500; average selling price at $485,000..
Source: BloombergThat is the lowest median new home price since June 2021… as existing home prices rose in Feb…
Source: BloombergThe supply of new homes rose to 463,000 during the month, the highest since October 2022.
Source: BloombergAre builders still banking on Powell folding like broken lawn chair in this election year and saving the world? The price decline is notable though.More By This Author:Goldman Takes A Field Trip To Tesla & Rivian”We Have Reached A Bottom”: Uranium Poised To Jump Again After 3 Month CorrectionLarge U.S. Banks Suffer Another Weekly Deposits Outflow; Stocks & Fed Reserves Completely Decoupled
