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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.
US DATA
New home sales beat expectations in December at 664k (seasonally adjusted and annualized) vs a median estimate 649k. This was 49k up from November and came with upward revisions to the prior 3 months of a total 27k.
- November's surprisingly big slump was largely revised away (had been 590k, now 615k).
- Looking at the bigger picture, while new home sales are a volatile series, they have stabilized in roughly a 600-700k range since mid-2021, with the total 2023 figure of 668k up 4.2% Y/Y from 2022.
- Total supply fell to 8.2 months versus 8.8 in November, with houses for sale of 453k in December (+0.9% M/M to a 12-month-high - though NSA). This compares to an existing homes supply ratio of 3.2 months in December.
- Median prices fell by a substantial 13.8% Y/Y to $413,200, the lowest since December 2021 (NSA), while average prices fell 14.3% to $487,300.
- Overall the divergence continues between relatively looser supply dynamics in the new home market vs existing homes - exacerbated largely by low fixed rate mortgages for existing homeowners.
Source: Census Bureau, MNI
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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