After rising for two straight months, US New Home Sales were expected to decline 2.6% MoM in January data released today... and drop they did. New Home Sales puked 10.5% MoM in January (from a hugely upwardly revised December print of +8.1% from +3.6%)...

Some have argued that winter weather impacted sales... to which we retort - aren't there winter storms every year around this time of year? Maybe the analysts were stuck in rainbows and unicorn land?

The median price of new homes surged to $446k from $415k...

Finally, some might argue that the recent drop back towards 7.00% in mortgage rates may encourage sales in February...

...we won't be holding our breath (especially for new homes in DC).

....and median new home prices exploded higher.
{ai:summary}US New Home Sales fell 10.5% month-over-month in January, contrary to expectations of a 2.6% decline. This drop follows a revised December increase and resulted in a 1.1% year-over-year decrease. The median price of new homes rose to $446,000 from $415,000. Analysts suggest that rising mortgage rates may impact future sales, but skepticism remains. #economy

New Home Sales Plunge In January As Mortgage Rates Spiked

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