Published: 2024-04-22T15:00:01.000Z
Preview: Due April 23 - U.S. March New Home Sales - Stable through Q1, downside risk in Q2
Senior Economist , North America
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We expect a March new home sales total of 665k, almost unchanged from both February’s 662k and January’s 664k. Looking into Q2, some slowing is to be expected.
March’s NAHB homebuilders’ index continued to improve though April saw some loss of momentum, as have some other housing sector series, with starts and permits both falling in March. Existing home sales also fell, but only partially reversed a sharp February increase. Fading expectations of Fed easing suggest downside risk in Q2.
We expect slippage in the median and average prices of 1.0% on the month. Yr/yr data would then look increasingly negative, the median at -9.7% from -7.6% and the average at -7.6% from -2.8%.
