– New Home Sales Plunge Most In 8 Months Following Sharp Downward Revisions; Median Home Price Tumbles:
Despite exuberance in existing home sales, new home sales just printed 551k SAAR – missing expectations for the first time since Oct 2015 – sliding by the most since Sept 2015. With the last 3 months of exuberant increases – to 8 year highs – now revised drastically lower; and median prices tumbling to the lowest since June 2015, the picture of the US housing recovery is considerably less rosy than before… time for a rate-hike?
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