What Weather? New Home Sales Surge 9.6% In Feb As Median Home Price Drops To 5 Month low

What Weather? New Home Sales Surge 9.6% In Feb As Median Home Price Drops To 5 Month low

Following last month’s biggest miss in 5 months, New Home Sales were revised higher in Jan and rose 9.6% in February to 468k (beating the 400k expectations by the most in 13 months). This is a new five-year high for new home sales. The “catastrophic” storm-battered NorthEast had new home sales of 33k (+73% MoM) – the highest since June; and the Snow-covered South saw huge sales. Home prices are up year-over-year by 3.4% but dropped to their lowest since August. If this does not entirely dismiss the ‘weather is to blame’ meme for any other macro weakness, then what does?

New 5 year highs for sales…

As prices drop…

and momentum is fading in price appreciation…

Charts: Bloomberg

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