Replies to post #365250 on Option Millionaires

[uranium-pinto-beans]

U.S. new home sales sharply beat estimates
U.S. new home sales sharply beat estimates with a 10.6% July bounce to a 14-month high clip of 739k after a hefty 102k in revisions, leaving sales above assumptions thus far in 2024. The share of new homes built in the south now sits at a whopping 57%. Strength in home completions is providing ongoing support for new home sales, alongside the partial and erratic pullback in mortgage rates since a 23-year high in October of 2023. The median price rose 3.1% to $429,800 after upward revisions, leaving a -1.4% y/y drop. Prices are below the all-time high of $460,300 in October of 2022, but are still well above the pre-pandemic all-time high of just $343,400 in November of 2017. Home inventories fell -1.1% to 462k from 16-year highs of 467k in both June (was 476k) and May (was 472k). The months' supply of homes fell to 7.5 from 8.4 (was 9.3), versus a 16-month low of 7.3 in July of 2023 and a 13-year high of 10.6 in July of 2022.