Now you know why Fox Business and CNBC no longer invite me to be interviewed. They love the headline “November New Home Sales Surge By The Most Since 1992!”
Let’s start with the +16.9% MoM number, a more cheery, pop the champagne bottle headline.
But on a YoY basis, new home sales fell 7.7% in November.
Months supply of new home sales fell in November, but are still at elevated levels.
And the median price of new home sales fell in November as The Fed’s normalization grabs the housing market with its icy grip.