US February new home sales 775K vs 870K expected

News

US February new home sales

  • Prior was 923K
  • Sales -18.2% vs -5.7% expected
  • Prior was +4.3%
  • Homes for sale at the end of Feb 312K vs 304K prior
  • Median price $349.5K, up 5.3% y/y
  • Supply 4.8 months vs 3.8 months prior

The largest drop was 37.5% in the Midwest, which was hammered by cold weather. That said, all regions saw drops so it wasn’t only weather.

This is an interesting data point because it shows the US housing market isn’t quite as strong as believed but whether that’s a hiccup or a trend will have to wait and see. I imagine that rise in median prices is a bit of an illusion. Home builders cut down on amenities or square footage to keep prices in that range but lumber and commodity prices mean you’re getting much less for your buck, something that might be turning off home buyers.

Invest in yourself. See our forex education hub.

Articles You May Like

Trump’s Treasury Secretary will be a George Soros disciple or a gold bug – report
What are the update technical levels in play as Powell works through press conference
Nissan shares plunge over 10% after downbeat quarterly results, production-cut plans
Spotify shares pop on better-than-expected profit forecast
Pound Sterling stays under pressure against USD, US inflation in focus