With Case-Shiller reporting existing home price declines in half of America's largest cities, New Home Sales were expected to rebound from April's ugly decline.
But they didn't... at all...
NAR reports that New Home Sales in May plunged 7.3% MoM (versus the 3.2% MoM rise expected). That print was below the lowest analysts forecast.
April's 6.2% MoM plunge was revised up modestly to a 5.7% decline, all of which left new home sales down on a YoY basis...
Overall, new home sales have really gone nowhere for four years (but on the bright side, they are not as bad as existing- and pending-home-sales)...
It seems lower mortgage rates (admittedly having risen for the last month) did nothing to help move new home sales...
Finally, while existing home prices are lower, median new home price rose 2.0% MoM to $424,900, unchanged YoY...
Average and median new home prices continue to diverge as sales of ultra-expensive homes drag the average higher even as median price is dropping...
The biggest two-month jump in median new home prices in four years is more than offsetting any gains from lower mortgage rates.