New home sales rose 5.9% MoM in November (less than the expected 9.8% surge) as October's initial 17.3% plunge (ascribed to the hurricanes) was revised up to 14.8% MoM decline...
Source: Bloomberg
That lifted new home sales SAAR up 8.
7% YoY - the highest since Oct 2023.
Source: Bloomberg
On the bright side, median new home prices are tumbling (once again below existing home median prices) to the lowest since Feb 2022...
Source: Bloomberg
New home sales continue to roughly track mortgage rates (with a lag) which suggests this short-term (post-storm) blip may not last long..
Source: Bloomberg
...and with Powell pivoting to more hawkish rate trajectory, good luck expecting mortgage rates lower any time soon.
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