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July 25, 2018 By Peter Boockvar

Home sales

New home sales in June slowed to a pace of 631k, 37k less than expected and May was revised down by 23k to 666k. The June figure is the slowest rate of new home sales since October 2017. Three of the four regions saw m/o/m sales declines and with a rise in the number of homes for sale, months’ supply rose to 5.7 from 5.3. That is the most since last August. The median home price fell 4.2% y/o/y to $302,100 which is the least since February 2017. Part of the reason for this is mix as there was a decline in the number of homes sold priced above $500,000.

Bottom line, today’s figure adds further evidence to the housing slowdown story in terms of transactions. Rising prices and mortgage rates have reached a pressure point in the affordability threshold, especially for first time buyers. With Millennials becoming a very important demographic category, the biggest demand for homes are those priced around $250,000 but that is where it is the least profitable for builders to build due to the pressures of rising labor costs and materials (thanks to tariffs).

NEW HOME SALES

new home sales

Filed Under: Latest Data

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About Peter

Peter is the Chief Investment Officer at Bleakley Advisory Group and is a CNBC contributor. Each day The Boock Report provides summaries and commentary on the macro data and news that matter, with analysis of what it all means and how it fits together.

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Disclaimer - Peter Boockvar is an independent economist and market strategist. The Boock Report is independently produced by Peter Boockvar. Peter Boockvar is also the Chief Investment Officer of Bleakley Financial Group, LLC a Registered Investment Adviser. The Boock Report and Bleakley Financial Group, LLC are separate entities. Content contained in The Boock Report newsletters should not be construed as investment advice offered by Bleakley Financial Group, LLC or Peter Boockvar. This market commentary is for informational purposes only and is not meant to constitute a recommendation of any particular investment, security, portfolio of securities, transaction or investment strategy. The views expressed in this commentary should not be taken as advice to buy, sell or hold any security. To the extent any of the content published as part of this commentary may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. No chart, graph, or other figure provided should be used to determine which securities to buy or sell. Consult your advisor about what is best for you.

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