{"id":1473546,"date":"2024-06-26T14:10:36","date_gmt":"2024-06-26T18:10:36","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1473546"},"modified":"2024-06-26T14:10:36","modified_gmt":"2024-06-26T18:10:36","slug":"us-new-home-sales-crashed-in-may","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/us-new-home-sales-crashed-in-may\/1473546\/","title":{"rendered":"US New Home Sales Crashed In May"},"content":{"rendered":"<p><span class=\"field field--name-title field--type-string field--label-hidden\">US New Home Sales Crashed In May<\/span><\/p>\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p>US new home sales were expected to dip 0.2% MoM in May&#8230; but they didn&#8217;t&#8230;<\/p>\n<p><strong>New home sales crashed 11.3% MoM<\/strong> (after April&#8217;s 4.7% drop was revised up to a 2.0% MoM rise). That is the biggest MoM drop since Sept 2022&#8230;<\/p>\n<p><a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/bfm72E9_0.jpg?itok=yM3jwfD6\"><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>This is the biggest YoY drop since Feb 2023, taking the SAAR down to the same level as it was in 2016&#8230;<\/p>\n<p><a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/bfm4877.jpg?itok=-_JFxkgW\"><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p><strong>Median new home price fell 0.9% YoY to $417,400 &#8211; lowest since April 2023<\/strong> &#8211; (with the average selling price at $520,000) with a big downward revision for April from $433k to $417k!&#8230;<\/p>\n<p><a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/bfmE7D3_0.jpg?itok=Ej5Ex14r\"><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p><strong>For the first time since June 2021, median existing home prices are above median new home prices&#8230;<\/strong><\/p>\n<p><a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/bfmC994.jpg?itok=YLuEYAah\"><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>As BofA warned yesterday:<\/p>\n<p><em>&#8220;<strong>The US housing market is stuck, and we are not convinced it will become unstuck anytime soon<\/strong>. After a surge in housing activity during the pandemic, it has since retreated and stabilized. We view the forces that have reduced affordability, created a lock-in effect for homeowners, and limited housing activity will remain in place through our forecast horizon &#8220;<\/em><\/p>\n<p>At the same time, the\u00a0<strong>supply\u00a0of available homes increased to 481,000, still the highest since 2008.<\/strong><\/p>\n<p><a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/bfmDC3E.jpg?itok=AO3qOL5J\"><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>New home sales are catching down to the reality of mortgage rates continuing to hold above 7%&#8230;<\/p>\n<p><a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/bfmFC9F.jpg?itok=hsvXOKFR\"><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>It seems <strong>homebuilders finally gave up filling that gap<\/strong> in anticipation of an imminent Fed rate-cut to save the world.<\/p>\n<\/div>\n<p>      <span class=\"field field--name-uid field--type-entity-reference field--label-hidden\"><a title=\"View user profile.\" href=\"https:\/\/cms.zerohedge.com\/users\/tyler-durden\" class=\"username\">Tyler Durden<\/a><\/span><br \/>\n<span class=\"field field--name-created field--type-created field--label-hidden\">Wed, 06\/26\/2024 &#8211; 10:10<\/span><\/p>\n<p>\u200b<a href=\"https:\/\/www.zerohedge.com\/personal-finance\/us-new-home-sales-crashed-may\" target=\"_blank\" class=\"\" rel=\"noopener\">https:\/\/www.zerohedge.com\/personal-finance\/us-new-home-sales-crashed-may<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>US New Home Sales Crashed In May US new home sales were expected to dip 0.2% MoM in May&#8230; but they didn&#8217;t&#8230; New home sales&#8230;<\/p>\n","protected":false},"author":0,"featured_media":1473547,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-1473546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-6bkS","jetpack_featured_media_url":"https:\/\/bugaluu.com\/news\/wp-content\/uploads\/sites\/3\/2024\/06\/bfm72E9_0-sOQN0d.jpeg","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1473546","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1473546"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1473546\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1473547"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1473546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1473546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1473546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}