Today’s release of the New Home Sales Report shows that housing is now firmly reflecting the negative effects of the quickly darkening economic conditions and sharply rising mortgage rates with sales of new single family homes plunging to a seasonally adjusted annual rate of 591,000, a decline of 16.6% below the prior month’s rate and 26.9% below the rate seen one year ago.
Further, today the latest release of the New Residential Construction Report showed that, single family permits issued, the most leading of indicators for single family homes, declined 4.6% since the prior month and 3.73% below the level seen one year ago clearly indicating that home builders are pulling back on future supply in the face of the a downdraft in current demand.
The following data visualization (click for dynamic version) shows New Home Sales since 2020 with the index value (in blue) on the left axis and the year-over-year change (in red) and month-to-month change (in green) on the right axis.
The following data visualization (click for dynamic version) shows New Home Sales since 2005 with the index value (in blue) on the left axis and the year-over-year change (in red) and month-to-month change (in green) on the right axis.
