These are fantastic new home sales numbers, at 619k for the month of April, compared to estimates of 520k.
This, coupled with the great earnings out of TOL this morning , is providing extreme buoyancy to the homebuilder sector.
The early leaders are TOL, KBH, TPH and HOV.
For the year, however, this has been a bedraggled sector, down more than 9%.
These were the best sales figures for a month since 2008.
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RIP “the Ark”.
Very famous last words
When and what will make you consider your opinion wrong?
Shouldn’t this raise fears of rate hikes? Stronger economy and all? Or are last week’s Fed fears passe?
Not arguing here with the statistic, market or trading. I wonder about the demographics, psychology and sentiment of a new home buyer right now. Could existing home inventory be so depleted, new is the most palatable option? Or does optimism and aspiration crave new? I don’t know..
The West coast housing market is booming. People think it will keep on going up for quite some time. Don’t know if they’re right but that’s what they think.