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Friday, March 29, 2024

New Home Sales & Prices Slip But Weather-Impacted Midwest Sales Surge

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

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