US new home sales were expected to slide once again July but the 12.6% MoM crash was shocking (vs -2.5% exp). This pushed new home sales down 29.6% YoY
Source: Bloomberg
This is the 6th monthly drop in new home sales in the last 7 months (with come notable downward revisions too).
This is the lowest SAAR for new home sales since Jan 2016
Supply of new homes is soaring, now at 10.9 months vs 9.2 in the prior month.
Both median and mean new home prices jumped too.
Finally, given the plunge in purchase mortgage applications, new home sales has further to fall still...
Is this what Powell and his pals wanted?
