Following yesterday's disappointing existing home sales print, this morning sees new home sales confirm the disappointment with a mere 0.6% MoM rise (well below the 4.3% MoM rebound expected after tumbling 11.6% MoM the month prior)...

Source: Bloomberg

That is the worst YoY decline in new home sales since Oct 2024, leaving the total SAAR at 627k - hovering near post-COVID lockdown lows and well below expectations...