Macro Brief: New Home Sales
Released on 6/23/2020 @ 10:00 AM ET
Source Link: New Residential Sales - May 2020
|New Home Sales - SAAR||623K||580K||636K||676K|
May New Home Sales jumped 16.6% and came in above consensus estimates at an annualized rate of 676K (est 636K). April data was revised lower but today's report is a positive sign for rebounding activity. Yesterday existing home sales were a bit disappointing but that data would have reflected the home closings in May which is more reflective of the weak signing activity in March and April during the economic shutdown.
Low interest rates, low supply, and what appears to be pent up demand may be a positive sign for homebuilders moving forward pending successful opening of the economy and mitigation of COVID. ETF's that could benefit from a healthy housing market are ITB, XHB, & HOMZ.