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New Home Sales Buck Trend With Highs Since March

US DATA
  • New home sales surprisingly jump 7.2% M/M in Jan (cons 0.7) after an upward revised 7.2% M/M (initial 2.3), leaving sales at 670k (cons 620k) for the highest since March.
  • Regions show a very mixed picture on the month, ranging from +17% to -19% M/M, but with the fastest increase in the largest region, West, which helps further immediate limit market reaction.
  • The newly revised bounce is in stark contrast to the much heavier larger category of existing home sales, which have seen a moderation in the rate of decline but are still trending lower.

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