April 23, 2024 14:22 GMT
New Home Sales Beat, Supply Weighing On Prices
US DATA
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- New home sales were stronger than expected in March at 693k saar (cons 668k).
- Latest revisions see sales jumping 8.8% M/M (cons 0.9%) after a downward revised -5.1% (initial -0.3%) in Feb.
- There are strong March increases seen across the major regions, with a particularly large 28% increase for the smallest northeast region (other three regions between 5.3-8.6% increases).
- Months of supply fell back from 8.8 in Feb to 8.3, although that’s still above the 8.1 seen in Mar’23 and is high historically as opposed to existing homes where supply is still more constrained relative to pre-pandemic levels – see chart.
- This is reflected in pricing, with average new sale prices -1.9% Y/Y vs +4.8% Y/Y for existing.
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