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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 were far lower than expected in November at a seasonally adjusted 590k (cons 690k).
- To give a sense of just how volatile recent months have been: -12.2% M/M in Nov, -4% in Oct, +7% in Sep, -10.2% in Aug and +6.6% in Jul.
- The latest decline was driven by a very large 21% decline in the south, by far the largest of the main four regions.
- Having been fluctuating around pre-pandemic levels, the two consecutive monthly declines for overall new home sales leaves them almost 15% below 2019 levels.
- The slide in sales drove a particularly sharp increase in the months of supply, from 7.9 to 9.2 for its highest since late 2022 levels and before that last seen in 2009.
- This far looser supply backdrop compared to existing is putting downward pressure on prices: whilst volatile, median prices of new home sales were -6% Y/Y vs +4% Y/Y for existing in November.
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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