Wednesday, July 25, 2012

Bad New Home Sales Figures ...

June annualized new home sales print was 350K, significantly below the 372K consensus.  S&P 500 is now down slightly at 1336 after going above 1345.
  • New home sales increased Y/Y in nearly all regions.  Northeast was flat.  The West led the way with 36.1% growth.  Overall Y/Y growth was 15.1%.
  • However, monthly change was disappointing with an overall 8.4% decline.  Northeast declined 60%!  Sales in the South were down 8.6% m/m.  Sales in the West and Midwest went up 2.1% and 14.6%, respectively.
  • Additional disappointing data include indication of higher inventory, although rising at a slow pace.  Homes for sale increased for the first time in the last 12 months!  In addition, the months' supply increased for the first time in three months.

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