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US New Home Sales Slump

DATA REACT
  • New home sales surprisingly slumped -16.6% M/M in April (cons -1.7% M/M) after a downward revised -10.5% in March, in a potential sign of surging mortgage rates having a greater impact on the housing market.
  • Declines were seen across the four regions, i.e. it wasn’t just a single regional distortion, led by the South (largest at approx half of total) down 20% for a 35% drop since the latest peak in Dec'21.
  • Coming hot on the heels of the US PMI miss and further pressures on equities, Fed Funds futures pricing for the Sep meeting fall to 135bps having been 140bp at the beginning of the US session, whilst Tsys see an accelerated rally with 2YY now -15bps and 10YY -11bps on the day.
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