New Home Sales Look Like They Want to Bounce

New Home Sales Look Like They Want to Bounce

New Home Sales Look Like They Want to Bounce The Census Bureau's regularly scheduled monthly report on New Home Sales was released this morning. The annual pace of 616k was right in line with the median forecast of 617k. This is technically an improvement, but only because the previous month was revised down to 602k from 640k. It's unequivocally better than it was on several occasions in the middle of 2022 when the annual pace was closer to 550k. Here too, the chart looks like it wants to bounce (but against a ceiling for inventory as opposed to a floor for sales numbers). It's a bit too soon to declare victory.

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