This was Housing Week in America, as the data was dominated by housing news.
And in the end, we have some bad news to report: Every last number was a miss.
Let’s run through it all real quick:
- Monday: Homebuilder sentiment missed, coming in at 28 vs. expectations of 30.
- On Tuesday, housing starts came in just below expectations.
- On Wednesday, mortgage applications for teh week fell 7.4%. Also existing home sales came in at an annualized pace of 4.59 million, vs. expectations of 4.61 million.
- On Thursday, the FHFA house price index showed no gain vs. expectations of 0.%. Last month was revised from a 0.7% gain to just 0.1%.
- And then today we got New Homes Sales of just 313K vs. expectations of 325K. Also today, the major homebuilder KB Homes reported a big miss, and the stock is getting crushed.
So yeah… this was not the week for confirmation of your housing recovery thesis.
And it’s especially surprising given how warm the weather has been, and thea ssumption that that would be good for housing.