New Home Sales Tumble By Most In Almost 2 Years As Northeast Crashes
by The Tyler(s), ZeroHedge
After existing home sales sent stocks vertical on great news, so new home sales plunge has sent stocks vertical on bad news. An 11.1% drop MoM – the biggest since July 2013 – dragged new home sales back below 500k to 481k SAAR – the biggest miss in a year. Sales of new homes collapse 33.3% in The Northeast and The South saw new home sales crash 15.8%.
But the weather didn’t affect Existing Home Sales:
The biggest MoM drop in almost 2 years:
And this is what the long-term trend looks like: