Courtesy of ZeroHedge. View original post here.
Submitted by Tyler Durden.
When existing home sales missed expectations, the fault was laid squarely at the foot of the meteorological conditions (despite a rise in NorthEast sales). New Home Sales beat expectations in January, printing 481k vs 470k expectations (though very modestly lower than December’s revised 482k) and – destroying the meme that weather is to blame – sales soared in The Midwest. Median prices dropped MoM to the lowest since September but remain up an impressive 9% YoY. Lack of inventory continues to be blamed for weak sales – but, we ask rhetorically, doesn’t price rise when supply drops?
New Home Sales “recovery” in context…
And prices drops to September lows…
Charts: Bloomberg