February new home sales numbers

  • Prior was 764K (revised to 800K)
  • Sales -4.4%
  • Median sale price +7.8% y/y

Regional breakdown:

  • Northeast +38.9%
  • Midwest -7.3%
  • South +1.0%
  • West -17.2%

US housing was in a good spot before the wheels came off due to the virus. There is pent up demand in the economy and some portion of that will return once the virus passes, especially with interest rates at record lows.