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New Home Prices Fade Existing Bounce

CANADA DATA
  • New home prices fell a non-seasonally adjusted -0.1% M/M in July after two equally mild 0.1% M/M increases.
  • “Of the 27 census metropolitan areas (CMAs) surveyed in July, prices were unchanged in 12, down in 8 and up in 7” […] “with builders in many CMAs noting weakened market conditions as the reason for the reported monthly declines.”
  • It ties with 2019 for being the weakest July print in recent years, in contrast to the recent strong price growth for existing home sales across both CREA existing sales and Teranet-National Bank data in recent months. This is however with the important caveat that new home prices didn’t see the same rise and fall trend exhibited by existing homes.

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