After Big Downward Revision, New Home Sales Jumped In March Along With Prices

Following the plunge in Existing Home Sales (and Start and Permits), March New Home Sales (unexpectedly) soared – rising 8.8% Mom (+0.9% exp). This big jump (largest MoM since Dec 2022) is made to look a lot better after February’s 0.3% MoM decline was revised dramatically lower (to a 5.1% decline)…

Source: Bloomberg

This MoM jump sent new home sales up 8.3% YoY to 693k SAAR – the highest since Sept 2023…

Source: Bloomberg

Just another downward revision…

Source: Bloomberg

The median new home price rebounded to $430,700 from an upward revised $406,500, further normalizing with existing home sales…

Source: Bloomberg

Mortgage rates above 7% continue to plague existing-home sales, which are “stuck,” National Association of Realtors Chief Economist Lawrence Yun said last week.