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New Home Sales Continue Broad Stabilisation

US DATA
  • New home sales were modestly stronger than expected in December after taking into account a solid downward revision to Nov, rising from 602k to 616k (cons 612k).
  • The revisions leave new home sales having surprisingly increased over the past three months, 8.7% in Oct, 0.7% in Nov and 2.3% Dec.
  • They clearly remain depressed but continue to show surprising resilience of late compared to the continued push lower in the much larger existing sales category.
  • Relative to 2019, building permits are beginning to close the gap on new sales but they have notably different trends with sales broadly stabilising but permits shifting lower.

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