Source: Bloomberg

This lifted new home sales by 3.3% YoY, but the total SAAR remains below Dec 2025 levels...

Source: Bloomberg

New home sales have really gone nowhere in three years.

Median new home prices plunged in March from $407k to $387.4k - its lowest since July 2021.

That is the biggest gap between median and average prices on record...

Implying a relatively small number of large/high value sales (outliers or a long right tail) are dragging the mean upward, while most of the sales cluster on the lower side as the supply of new homes also plunged.

Mortgage rates are higher in the last month but had fallen notably during the reporting period for today's data...