After calamitous declines in December’s Existing- and Pending-Home Sales, and Case-Shiller’s report that home price gains are the weakest in four years, New-home sales were (like the others) expected to rebound in November (delayed due to the shutdown)… and they did, massively.
Against expectations of a 4.8% rebound from October’s 8.9% plunge, November printed a surprising 16.9% MoM surge in new home sales...the biggest MoM rise since Jan 1992
But Year-over-year new home sales are still down…
New Home Sales SAAR rose to 657k (massively above the 570k expected)…
as the median price plunged to $302,400 – the lowest since Feb 2017…
That is the biggest MoM drop in Median home prices since May 2016…
So what happens next? Does November’s surge collapse like December’s did for pending and existing sales?
via ZeroHedge News http://bit.ly/2FXCCAR Tyler Durden