- US new home sales at 9-month low
- Lower number of mortgage applications
US new home sales fell 18.2% to a seasonally adjusted annual rate of 775 k in February, following an upwardly revised 948 k in the previous month while analysts expected 875 k. It is the lowest reading in 9 months as the harsh mid-month winter storm and extreme weather conditions across the country dampened demand.
US new home sales plunged18.2% which is the worst MoM decline since 2013. Source: Bloomberg via ZeroHedge
Last month new home sales dropped 37.5% to 85 k in the Midwest, 16.4% to 194 k in the West, 14.7 % to 458 k in the South and 11.6 % in the Northeast. The median sales price increased to $349,400 from $331,800 a year earlier.
Mortgage applications for the purchase of a home have also declined from the peak in mid-January, which most likely reflects rising mortgage rates (which rose in tandem with US Treasury yields). The 30-year fixed-rate mortgage jumped to a nine-month high of 3.09%, according to data from mortgage finance agency Freddie Mac. Though mortgage rates remain on ultra-low level by historical measures, the sustained increase since February is contributing to making homeownership more expensive for first-time buyers. Some analysts believe that higher mortgage rates may be the first sign of declining demand in the real estate market, which could in turn temper economic recovery in the coming months.
Source: MBA, Wolfstreet.com
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