New Home Sales Badly Miss Expectations With Negative Revisions As Well

Add new home sales to the list of reports well under consensus estimates.
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New Homes Sold and For Sale 2021-04

Econoday economists expected new home sales for April to come in at a seasonally-adjusted annualized rate of 955,000. Instead home sale came it at 854,000 badly missing expectations. 

In addition, the March monster month of 1.021 million was revised lower to 917,000.

These are good numbers but much weaker than expected and reported. They are also headed in the wrong direction. 

Economic Data is Weakening on Four Fronts

Om May 21, I reported Economic Data is Weakening on Four Fronts

Retail sales and Jobs badly missed expectations as did existing home sales and housing starts.

We can add new home sales to the list of weakening reports.  

Weakening does not mean weak, yet.

But given the massive amount of stimulus, including paying people more to be unemployed than they made employed, the trends need a sober look.

Spot the Change

Mish

New Home Sales Badly Miss Expectations

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New Home Sales Bounce 7% in June from Hugely Negative Revisions

New home sales rose 7% but the total fell far short of expectations because of revisions.

New Home Sales Rise Following Huge Two-Month Downward Revisions

I apologize for the diversion from political slime into actual economic reporting. But let's discuss new home sales.

December New Home Sales Jump 3.7% From Huge Negative Revisions

New home sales rose a seemingly solid 3.7% to 621K but the reason is suspect: Strong negative revisions in Oct and Nov.

New Home Sales a Bit Short of Expectations, May Revised Lower

New home sales came in at a seasonally adjusted annualized rate of 610,000 units, just short of the Econoday consensus of 611,000.

June New Home Sales Decline 5.3 Percent from Huge Revision Lower in May

Economists missed the mark badly on new home sales estimates. And over half of last month's surge was revised away.