Account Info
Log Out
English
Back
No matches yet
Operations too frequent. Please try again later.
Please check network settings and try again Refresh Refresh
Loading
History record delete
    Quotes All >
      News All >
        Log in to access Online Inquiry
        Back to the Top

        New Home Sales Hammered In October

        With existing home sales collapsing to their lowest SAAR since 2010, new home sales are the only pillar left holding up any hope in the US housing market. However, with housing affordability at its lowest since at least the early 1980s, it's no surprise that analysts expected new home sales in October to tumble 5.0% MoM
        The Mortgage Bankers Association's index of home-purchase applications tumbled to 120 - the lowest level since 1995 - as mortgage rates hit 8% for the first time in 23 years in October.
        New Home Sales Hammered In October
        So, it should be no surprise that new home sales were even worse than expected, plunging 5.6% MoM (and making it even worse, the 12.3% MoM jump in Sept was revised down to +8.6%)...
        New Home Sales Hammered In October
        The trend of downward revisions continues...
        New Home Sales Hammered In October
        It appears the homebuilders finally hit their wall eating the gap between these two lines was just not sustainable...
        New Home Sales Hammered In October
        Homebuilders can't be filling this gap either - between the current 30Y mortgage rate and the effective rates that borrowers are currently paying on their home loans forever...
        New Home Sales Hammered In October
        The median new home price fell 17.6% y/y to $409,300; average selling price at $487,000
        New Home Sales Hammered In October
        That is the lowest median price since Aug 2021, catching back down to existing home prices...
        New Home Sales Hammered In October
        Is Powell winning his war on affordability? Or crushing the middle class's main source of wealth?EmmEmm
        Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only. Read more
        7
        +0
        Translate
        Report
        43K Views
        Comment
        Sign in to post a comment
          540Followers
          33Following
          1420Visitors
          Follow