Powell’s Famous Chili! National Association of Home Builders Market Index Falls More Than Expected To 46 As Fed Tightens Monetary Noose (Lowest Since 2012, Excluding Covid Crash)

The National Association of Home Builders market index fell more than expected in September to 46, the lowest reading since 2012 (if I exclude the Covid economic shutdown).

Note that the NAHB market index is declining along with at the increase in the 30yr mortgage rate.

Alarm! US New Home Sales Plunge -17.4% YoY As Fed Tightens Noose And Recession Alarms Sound (Median Prices Fall -9.47% YoY)

Alarm!

US new home sales plunged -17.4% YoY and down -8.1% MoM in June.

The unsettling bit is the median price of new home sales declining -9.47% YoY.

The midwest was the big gainer in new home sales in June.