Tale of Two Sales: New Homes Doing Great While Pending Homes Suffer
There's not much by way of "new news" for the housing market when it comes to sales data. New home sales continue strongly outperforming while Existing and Pending Sales suffer.
This week's reports for the month of September offer no objection to that thesis. Yesterday's New Home Sales report showed a 12.3% surge to an annual pace of 759k. This is a notoriously volatile data series in month-to-month terms, but September's gains were more than enough to offset the downtick seen in August. The result is the highest sales pace since 2021 when the housing market was still decelerating from the post-covid surge.
Improvement was broad-based across regions. As is the norm, the southern region does most of the heavy lifting with the West playing a supporting role. The Midwest is me
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