Homebuilders Slammed As Sales Fall, Costs Soar

There's lots of stagflation in the new home market. During April, new home sales (registered when contracts are signed) dropped 16.6% m/m and the months' supply of new homes jumped to 9.0 from 6.9 in March. Here's more:(1) The m/m sales declines were widespread in the South (-19.8%), Midwest (-15.1), West (-13.8), and Northeast (-5.9).(2) The median price of a new home rose 19.6% y/y to a record $450,600. It is up 45.3% over the past 24 months, while the average price is up 58.3% over the same period!