New Home Sales Plunge Most Since June 2014

For the first time since April 2014, New Home Sales have fallen YoY for 2 consecutrive months. The 6.1% drop YoY in Fenruary is the biggest annual drop since June 2014 and confirms recent housing data weakness. Average new home prices fell to $348,900 – the lowest since August.

The housing "recovery"… Only The West saw an increase in sales (151k from 109k) as Northeast (-24%), Midwest (-17.9%) and South (-4.1%) all tumbled.

 

But annual growth is tumbling…

 

Historic revisions (to 502k from 494k) made the 512k SAAR look like a beat (over 510k) but the MoM gain of 2.0% missed expectations of +3.2%.

The decoupling between price and sales remains…

 

And while median prices rose, average prices dropped to August lows…


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