Items include
new home sales
Economic Indicators
Aug 23, 2023
Bottom Line: New home sales rose in July but were revised lower in June. On a trend basis, sales are rising modestly. Inventories are rising slightly but not keeping pace with the increase in sales, with months' supply falling...
Jun 27, 2023
Bottom Line: New home sales rose sharply more than expected in May. The tight supply conditions continued, driving median prices higher. Mortgage rates dipped, holding consistently below 7% for all of May, motivating sidelined buyers worried about high mortgage...
May 23, 2023
Bottom Line: New home sales rose sharply in April, but there were negative revisions to March data that countered the positive surprise. Builders continue to work off inventory, which rose much less than sales, leaving months' supply lower again....
Apr 25, 2023
Bottom Line: New home sales rose sharply in March, countering expectations for a further decline. There were negative revisions to February data, but those were nearly offset by positive revisions to January data. Just as we have seen in...
Mar 23, 2023
Bottom Line: New home sales in February were lower than expected, and there were downward revisions to January's surprisingly strong data. Average sale prices inched higher. Overall, new home sales bottomed in 3rd Quarter of 2022 and have been...
Feb 24, 2023
Bottom Line: New home sales in January were slightly better than expected, as builders discounted homes sharply. Average and median prices fell 8 to 13% on the month. Anecdotal evidence suggests homebuilders have been offering discounts and buying down...
Jan 26, 2023
Bottom Line: New home sales in December were slightly better than expected, but there were negative revisions to previously reported data, leaving sales near levels seen in the two years prior to the pandemic. Unlike in the existing home...
Nov 23, 2022
Bottom Line: New home sales rebounded in October, but there were negative revisions to September data. As builders continue to deliver homes developed prior to the sharp move higher in mortgage rates, new home sales have trended lower but...
Oct 26, 2022
Bottom Line: New home sales fell nearly 11% in September. While better than expected, there were negative revisions to the surprisingly strong August reading. The trend in new home sales was volatile but still trending lower. Additionally, inventories were...
Sep 27, 2022
Bottom Line: New home sales rebounded sharply in August, and there were upward revisions to the sharp declines in July. While the surprise was notable, these August data do little to change the trend, which is firmly lower. Moreover,...
Aug 23, 2022
Bottom Line: New home sales plunged in July as the impact of higher mortgage rates took its toll on sales of new homes, especially lower-priced, more affordable ones. Sales were back to levels not seen since 2016, and the...
Jul 26, 2022
Bottom Line: New home sales were sharply lower in June, even more than expected, and there were negative revisions to the gains seen in May, as well as April and March data. Sales were nearly 20% below year-ago levels...
Jun 24, 2022
Bottom Line: New home sales surprised sharply higher in May, despite the historic increase in mortgage rates. Even with upward revisions to prior data, the trend remains downward. We should remember that new home sales account for a much...
May 24, 2022
Bottom Line: New home sales plunged in April as higher mortgage rates slowed activity even more than expected. While other reports showed activity held up relatively well in April, new home sales are based on contract signings rather than...
Nov 16, 2022
Following yet another interest rate hike, economists are predicting that the housing market will not only continue to slow, but will hit a major downturn in 2023. We discuss how CFIs can pivot and demonstrate their value to potential borrowers, when it occurs.