9/27/2016
By Charles Payne, CEO & Principal Analyst

Even with new home sales declining by more than 7%, the actual pace was better than expected and a 20% improvement from a year earlier.  It’s clear that momentum is strong, but supply is not keeping up with demand, which makes for choppy month-to-month tallies.

Long term View

Median home prices declined for the second consecutive month to $284,000 last month. Back in June, median prices hit $320,700 - a number that was clearly overheated. The market knows that housing is a sole bright spot. There are no coattails for continued good news. 

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Charles Payne
Wall Street Strategies

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