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US New Home Prices Hit Record High, Sales Hover Near 14-Month Lows

Courtesy of ZeroHedge View original post here.

Following yesterday's surprising rise in existing home sales (as existing home prices top new home prices and homebuyer sentiment crashes), analysts expected a big rebound in new home sales also in July (after three straight months of ugly declines). New Home Sales did rise in July, but only 1.0% MoM (well below the 3.1% MoM jump expected). Notably, the big drop in June was also revised up from -6.6% to -2.6% MoM. Interestingly that miss also helped send the year-over-year change in home sales down 27.2%!

Source: Bloomberg

New home sales are hovering at their lowest since April 2020, as median new home prices reach a record high…

The YoY surge in median new home prices rebounded dramatically…

New Home sales were ugly in Northeast and Midwest, where they dropped -24.1% and -20.2% sequentially but rose 1.3% in the South and 14.4% in the West.

Finally, there's this. As US housing market data has serially disappointed this year, US homebuilder stocks have soared back to record-er and record-er highs…

Source: Bloomberg

Decoupled from reality? Or pricing in a nirvanic future of borrow-money-for-free Wall Street landlords and a return to serfdom for the rest of us?


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