Despite homebuilder sentiment soaring to 20-year highs, existing home sales slipped unexpectedly in November and new home sales are also expected to decline marginally MoM, but instead surprised to the upside with a 1.3% MoM.
However, the beat was due to a major downward revision from -0.7% MoM to -2.7% MoM for October.
Year-over-year, new home sales growth slowed to +16.9%.
Due to the downward revisions, new home sales are following the trend of existing home sales lower.
In the three months through November, purchases averaged a 720,000 pace, the strongest in 12 years.
Purchases of new homes rose in two of four U.S. regions, led by a 52.4% surge in the Northeast and a 7.5% gain in the West, which recorded its highest sales level in two years.
But, more problematically, the median home price soared 7.2% to $330.8k – the highest since April – which means lower-cost housing is not coming to market.
21% of new homes sold in Nov. cost more than $500,000, up from 19% prior month.
Affordability remains an issue.
Nancy Pelosi and her cohort’s planned coup is doing the very thing they had voted to impeach Donald Trump for.
Also, the sales continue this month with our Christmas Mega Pack sold AT COST during the Extended Christmas Super Sale!