US new home sales were expected to slide once again July but the 12.6% MoM crash was shocking (vs -2.5% exp). This pushed new home sales down 29.6% YoY
Source: Bloomberg
This is the 6th monthly drop in new home sales in the last 7 months (with come notable downward revisions too).
This is the lowest SAAR for new home sales since Jan 2016
Source: Bloomberg
Supply of new homes is soaring, now at 10.9 months vs 9.2 in the prior month… That is the highest supply since March 2009…
Source: Bloomberg
Both median and mean new home prices jumped too.
Median Home Price soared from 414.9K to 439.4K, just shy of record high 458.2K
Finally, given the plunge in purchase mortgage applications, new home sales has further to fall still…
Source: Bloomberg
Is this what Powell and his pals wanted?
