Having exploded 18% higher in August (driven by, um, record high prices), September’s new home sales printed at 467k (against expectations of 470k) and August’s surge to 504k was revised lower to just 466k (busting the biggest beat since 2005 meme) revised 7.5% lower. After August’s reported 50% MoM rise in The West, the region saw the rate of sales slow in September. The median new home sales price (at record highs last month) fell 4% YoY to $259,000.
New Home Sales Missed…
Last month, New home sales rose the most since 1992… and there was much rejoicing…
and now that has been drastically revised lower to a 10% jump in August and a drop in July – one wonders if the gains in homebuilder stocks will also be relinquished.
Either NAHB sentiment has to plunge (as it has done the previous two times) or home sales magically surge back to bubblicious levels…
You Decide…
Charts: Bloomberg
via Zero Hedge http://ift.tt/1nCldPB Tyler Durden