Housing Recovery Horror: New Home Sales Crash Most Since 2013 As Median Price Soars
by Tyler Durden
ZeroHedge.com
10/26/2015
Homebuilders were exuberant, The Fed was confident, and stock markets have recovered… so why did New Home Sales collapse 11.5% in September (missing a 0.6% drop expectation by a proverbial mile)? This is the largest MoM drop since July 2013. Worst still, the excitement of July and August data has been notably revised lower to press the current New Home Sales SAAR to 468k – its lowest since November 2014. At the same time, median home prices surged to $296,900 – the highest in 2015. Time to hike rates?
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