After unexpectedly surging in March, new home sales plunged 4.7% MoM in April (considerably worse than the 2.2% MoM decline expected). This dragged new home sales down 7.7% YoY…

Source: Bloomberg

As usual, previous data was revised downwards…

Source: Bloomberg

With revisions, new home sales SAAR fell to 634k – basically unchanged for eight years…

Source: Bloomberg

New home sales median price remains near record highs…

Source: Bloomberg

Interestingly, the supply of new homes has been soaring up towards record highs…

Source: Bloomberg

Mortgage rates above 7% continue to plague existing-home sales, which are “stuck,” National Association of Realtors Chief Economist Lawrence Yun said last week.

Source: Bloomberg

Just how long can homebuilders fill this gap?