The December new home sales report is good news and bad news.
The good news? US new home sales rose by 2.3% in December from November to 616k units sold SAAR. That is the good news.
The bad news? Since December of 2021, new home sales fell -23% year-over-year (YoY).
The median price of new home sales rose 7.8% YoY, but the trend as The Fed withdraws monetary stimulus (orange line) is not good.
Perhaps there is a communications breakdown between the Biden Administration and The Federal Reserve.
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