The Census Bureau reports New Home Sales in June were at a seasonally adjusted annual rate (SAAR) of 646 thousand. That is up 7% over May NHS.
That is the good news.
Now for the less good news.
First, new home sales are up … to pre-1995 levels. That is, pre-house price bubble (orange line).
Second, despite hopes that decling mortgage rates would stimulate a larger rise in new home sales, their hopes were shattered.
Even worse, there is clear pattern to YoY new home sales. Winter is coming!
Federal Reserve Chair Jerome Powell attempting to keep markets going.
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