-
@ ZeroHedge News (RSS Feed)
2025-02-26 15:09:56
New Home Sales Plunge In January As Mortgage Rates Spiked
New Home Sales Plunge In January As Mortgage Rates Spiked
After rising for two straight months, US New Home Sales were expected to decline 2.6% MoM in January data released today... and drop they did. New Home Sales puked 10.5% MoM in January (from a hugely upwardly revised December print of +8.1% from +3.6%)...
https://cms.zerohedge.com/s3/files/inline-images/bfm7B87_0.jpg?itok=87PZzRWE
Source: Bloomberg
That dragged sales down 1.1% YoY...
https://cms.zerohedge.com/s3/files/inline-images/bfm76C0.jpg?itok=gsoFc4NI
Source: Bloomberg
Some have argued that winter weather impacted sales... to which we retort - aren't there winter storms every year around this time of year? Maybe the analysts were stuck in rainbows and unicorn land?
The median price of new homes surged to $446k from $415k...
https://cms.zerohedge.com/s3/files/inline-images/bfm9F7A.jpg?itok=IeFlBO2G
Source: Bloomberg
Finally, some might argue that the recent drop back towards 7.00% in mortgage rates may encourage sales in February...
https://cms.zerohedge.com/s3/files/inline-images/bfm8728_1.jpg?itok=uJM8mPYE
Source: Bloomberg
...we won't be holding our breath (especially for new homes in DC).
https://cms.zerohedge.com/users/tyler-durden
Wed, 02/26/2025 - 10:09
https://www.zerohedge.com/personal-finance/new-home-sales-plunge-january-mortgage-rates-spiked