Hew Home Sales Rebound In The South As Home Prices Plunge To 13-Month Lows

    Following major disappointment in exiting-home-sales, May New Home Sales exploded higher, up 6.7% MoM (smashing expectations of 0.8% gain) helped by a major downward revision to April.

    New home sales were flat or negative in 3 of 4 regions: Northeast: -10%, Midwest: 0%, West: -8.7%, but South soared from 347K to 409K annualized, a 17.9% surge

    That is the biggest MoM spike since Jan 2014…

    Perhaps the rebound in home sales was driven by the plunge in prices?

    Median new home sale price dropped to $ 313k (from Dec highs at $ 343k) to the lowest since April 2017…

     

    US Homebuilder stocks however, continue to track the macro trend weaker in US housing data…

     

     

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