US New Home Sales Soar In May, After Huge Downward Revision

US New Home Sales Soar In May, After Huge Downward Revision

Tyler Durden

Tue, 06/23/2020 – 10:09

Following the bloodbath in existing home sales (drastically worse than expected), analysts remained confident that new home sales will continue to rebound in May (after rebounding first in April, unlike pending- and existing-home sales).

After March saw the biggest drop since July 2013, new home sales have massively rebounded (up 16.6% MoM vs +2.7% exp), pushing YoY back into the green – up 12.7% YoY…

Source: Bloomberg

We do note that April data was revised notably weaker (-5.2% MoM vs +0.6% initial)…

…from 623k SAAR top 580k SAAR…

The Midwest was the only region to suffer a drop in new home sales in May (-6.4% MoM) as Northeqast soared 45.5% MoM, West +29.0% MoM, and South +15.2% MoM.

Homebuilder sentiment about future sales has v-shape-recovered…

Source: Bloomberg

Finally, we note that inventories fell and median new home price rose 1.7% y/y to $317,900 up from $303,000 last month (lowest since Feb 2017…

Was this the “pent-up” demand from peak-selling period? If so, this “V” may not last as long as homebuilders and homesellers hope.

Visit the USSA News store!
Click this link for the original source of this article.
Author: Tyler Durden


This content is courtesy of, and owned and copyrighted by, https://zerohedge.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact USSANews.com using the email address in the Contact page found in the website menu. The owner of this website may be paid to recommend American Bullion. The content of this website, including the positive review of American Bullion, the negative review of its competitors, and any other information may not be independent or neutral.