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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
New home sales totaled 617k in June, below the 640k expected and 621k prior (+2k upward revision), amid a soft report overall.
- June's sales marked the lowest seasonally-adjusted annual rate since November 2022, and came alongside a 0.1% Y/Y decline in median prices ($417.3k), the 6th in 7 months. While selling prices were the highest since March, those figures are not seasonally-adjusted.
- The flat price growth in new homes contrasts with modest positive existing home price readings (+4.1% Y/Y in June), with both inventory and lingering high mortgage rates weighing.
- With 476k new homes for sale at the end of the month - the most since 2008 - there is now 9.3 months of supply on the market, up from 9.1 prior. While that is lower than the 10.6 month peak in July 2022, it's up from 7.7 a year earlier and is clearly trending higher again.
- The outlook for new home sales remains subdued. While mortgage rates have eased slightly, potentially underpinning demand, latest data continue to show weak growth in mortgage applications for outright purchases.
- Additionally, new home inventory looks set to continue rising: while single family house construction starts have been moderating, at 980k in June 2024 they remain above levels seen in late 2022/early 2023 and pre-pandemic.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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