Following the small MoM blip higher in existing home sales (though dismal YoY plunge), new home sales were expected to rebound in October (after plunging 5.5% MoM in September) but instead they utterly collapsed – crashing 8.9% MoM.
New home sales have now missed expectations for seven consecutive months
The drop in purchases was led by a 22.1 percent slump in the Midwest, and an 18.5 percent decrease in the Northeast. The South had a 7.7 percent decline while the West fell 3.2 percent.
Tumbling a massive 12% YoY – the biggest drop since April 2011…
And just for good measure, the median price tumbled to $309.7K from $321.3K, lowest since Feb 2017.
And supply is soaring…
But, but, but… Homebuilder valuations are back at their weakest since the great recession…
Buying opportunity?
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