US New Home Sales SOAR In July (V-shaped Recovery) While Home Price Growth Slows (Barely)

by confoundedinterest17

New home sales erupted in July, rising 13.9% MoM to 901k units SAAR. At the same time, the S&P CoreLogic home price index (for June) slowed to 4.29% from a revised 4.32% in May.

Yes, new home sales are exhibiting a classic V-shaped recovery from effects of Covid.

Median prices of new home sales declined -1.9% MoM.