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US New Home Sales Rise In August, Remain Below Pre-COVID Levels

After a disappointing (and surprise) slump in existing home sales, new-home-sales were expected to extend the very modest July rebound (+1.0% MoM) in August (+1.0% MoM exp) and they were right with new home sales rising 1.5% MoM (and July’s 1.0% MoM revised dramatically higher to a 6.4% MoM surge)

Source: Bloomberg

New home sales remain down over 24% year-over-year – the weakest in a decade.

Notably, the growth in new home sales was entirely driven by “homes not started”…


Source: Bloomberg

With “Completed” home sales at their lowest since 2016…

Source: Bloomberg

The SAAR of new home sales remains below pre-COVID levels

Source: Bloomberg

And while sales dropped over 24% YoY, median new home price rose over 20% YoY

Source: Bloomberg

Finally, we remind readers that homebuyer sentiment and homebuilder sentiment could not possibly be more divergent…

Source: Bloomberg

Can Jay Powell really afford to upset those homebuilders with his taper? What do homeowners know?

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