New Home Sales Jump To 7-Month-High, Despite Massive Downward Revisions
Having rebounded from the mid-year bloodbath, analysts expected new home sales to accelerate further in November. They were right but there were huge historical revisions that left the final SAAR a big miss. New home sales rose 12.4% MoM (smashing the +3.4% MoM expected) BUT that was because October was revised from +0.4% MoM to -8.4%!!!
Source: Bloomberg
The series saw huge downward revisions over the past 3 months…
New home sales remain down 14.0% year-over-year. This left the SAAR at 744k, well below the 770k expected, but, thanks to the huge revisions, still the highest since April 2021…
Source: Bloomberg
Median and average home prices soared to a new record high…
For context, home prices are rising 3x to 4x faster than during the prior housing bubble.
Time to double-turbo that taper, Mr.Powell!
Tyler Durden Thu, 12/23/2021 – 10:09
