New Home Sales Fall 9.7%
New home sales fell 9.7% in January to 309.000 SAAR vs. December reading of 342.000 and 360.000 SAAR consensus. Yes, its winter, but it’s disastrous figure anyhow.
Chart 1. U.S. New Home Sales SAAR
Source: U.S. Census Bureau
MBA Purchase Applications Index also fell -7.3% to the lowest level since 1997. It’s a leading indicator, so probably more trouble ahead.
