Following yesterday's hope-crushing drop in existing home sales (weakest since Feb 2016), new home sales were expected to rebound 2.2% MoM after crashing over 5% in June, but they didn't as new home sales tumbled 1.7% MoM (after upward revisions).
June's 5.3% drop was revised up to a 2.4% drop, which impacted the miss in July...
The first back-to-back decline since January was led by a 52.3 percent drop in the Northeast to 21,000 home sales, the fewest since 2015, as well as a 3.3 percent decline to 355,000 in the South, the biggest region. The West and Midwest recorded gains.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
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Short Sales and foreclosures in Salisbury and Wicomico County make up 9.5% of available residential properties.
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