May 2024 New Home Sales Report
Wednesday, May 1, 2024
New Home Sales printed at 665, a -7.51% move from the prior reading of 719.
What to Watch For
- •Sales pace (annualized)
- •Median and average sale price
- •Months of supply at current pace
- •Cancellation rate (builder confidence proxy)
- •Revision to prior month (often large)
Expected Market Reaction
Strong sales: homebuilders rally, lumber and copper up. Weak sales: homebuilders sell off, but sometimes rates fall (growth concern), creating a cross-current. Months of supply above 8-9 signals severe oversupply.
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