New Home Sales Surge In January As Mortgage Apps Crash To 9-Month Lows
After the surprise rise in existing home sales, analysts also expected a modest 1.7% MoM rise in new home sales in January (after plunging in November and rebounding very modestly in December). But, in the face of collapsing mortgage apps, new home sales surprised with a 4.3% MoM surge…
Source: Bloomberg
Median new home price rose 5.3% YoY to $346,400 (average selling price at $408,800) and 21% of new homes sold in Jan. cost more than $500,000, up from 16% prior month
However, the surge in new home sales comes as mortgage applications crashed by most since April (dropping for 5 of the last 6 weeks)…
Source: Bloomberg
With home purchase applications (as opposed to refis) collapsing to the lowest in 9 months…
Source: Bloomberg
As 30Y mortgage rates rise to their highest since September
Source: Bloomberg
Get back to work Mr.Powell!
Tyler Durden
Wed, 02/24/2021 – 10:03
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