Following the disappointment in existing home sales (down YoY for 14 months straight), the recent spike in new home sales was expected to slide 2.5% MoM in April, but instead it crashed back to reality, plunging 6.9% MoM (after an upward revision for March).
YoY the recent spike has rolled over...
Pending- and New-home-sales had been the hope (as existing home sales rolled over - despite a collapse in mortgage rates), but no longer...
Not helped by an 8.8% YoY surge in median home price to $342,200 (the biggest YoY jump since Feb 2018), average selling price at $393,700. MoM, median home price spiked 11.9% (sounds like a mix issue or just seasonality issues)
And this even as supply rose - Months’ supply at 5.9 in April compared to 5.6 prior month....