Start a 14-day no obligation free trial to sample Bespoke’s premium research.
Today’s new home sales print missed expectations, coming in at a seasonally adjusted annual rate of 511,000 versus 520,000 expected. That miss was slightly offset by an upward revision to last month’s data, from 512,000 SAAR to 519,000 SAAR. Prices have also softened, falling 2% YoY and 6.4% MoM. Finally, we note that both months current supply (charted below) and median months on market (not shown) have risen, indicating looser new home markets across the country than we saw in recent months.