The new home sales report had such a big beat that many people had to double-check the numbers, with sales coming in at 739,000 against estimates of 623,000.
For future trends, looking at the new home market purchase application survey can provide insights, as it recently showed a bounce in demand.
While the NAHB/Wells Fargo Housing Market Index indicates builder sentiment, its slight positivity in the last two months suggests improvement in builder expectations.
Historically, when mortgage rates fall below 7%, builders’ sales data outperforms existing home sales due to better affordability for new home buyers.
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