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Berita trading
23 Apr 2015
US March new home sales fall offsets existing home sales rise - ING
FXStreet (Barcelona) - Rob Carnell of ING, reviews the US new home sales data release, noting that the below expectation number offsets the bounce from the existing home sales in March, with a probability that abnormal weather was a factor behind this underperformance.
Key Quotes
“New home sales fell by twice as much as the bounce in existing home sales in March, falling to a 481K annual rate from 543K in February. It is hard to square these two results. One a stronger than expected bounce and the other a bigger than expected decline, except in as much as the average lead time for housing transactions in these two markets are likely to differ, so random events like the weather may cause troughs and peaks to come at different times.”
“That said, there is some possibility of weather being at play in these numbers, with abnormally cold weather in the North East in March, and abnormally wet weather in the South, the two regions seeing the biggest declines in sales.”
“So for now, the jury remains out in terms of any data bounce. But the coming dataflow over the coming days is unlikely rescue June rate hike thoughts, being dominated by what looks likely to be a terrible 1Q15 GDP figure.”
Key Quotes
“New home sales fell by twice as much as the bounce in existing home sales in March, falling to a 481K annual rate from 543K in February. It is hard to square these two results. One a stronger than expected bounce and the other a bigger than expected decline, except in as much as the average lead time for housing transactions in these two markets are likely to differ, so random events like the weather may cause troughs and peaks to come at different times.”
“That said, there is some possibility of weather being at play in these numbers, with abnormally cold weather in the North East in March, and abnormally wet weather in the South, the two regions seeing the biggest declines in sales.”
“So for now, the jury remains out in terms of any data bounce. But the coming dataflow over the coming days is unlikely rescue June rate hike thoughts, being dominated by what looks likely to be a terrible 1Q15 GDP figure.”