New Home Sales (SAAR) in September plunged to their lowest since Dec 2016, crashing 5.5% MoM (and revised dramatically lower in August)… Maybe Trump has a point on Fed rate hikes?
Remember this is the first month that takes the impact of the latest big spike in rates – not good!
This is a disastrous print:
August’s 629k SAAR was revised drastically lower to 585k and September printed 553k (SAAR) massively missing expectations of 625k (SAAR) – plunging to the weakest since Dec 2016…
That is a 13.2% collapse YoY – the biggest drop since May 2011
The median sales price decreased 3.5% YoY to $320,000…
As the supply of homes at current sales rate rose to 7.1 months, the highest since March 2011, from 6.5 months.
The decline in purchases was led by a 40.6 percent plunge in the Northeast to the lowest level since April 2015 and 12 percent drop in the West.
