January New home sales came in significantly above Wall Street consensus at an annualize rate of 764,000 up 7.9% month to month and +18.6% from a year ago.  December was revised higher to 708,000 from 692,000.

Highlights

• Median home price $348,200 +14%
• Inventory 324,000 (lowest since 2017)
• Months’ supply 5.1 from 5.5

New Home Sales

This is the best level for new home sales since July 2007.

Of course, the street is ignoring all the great economic news and strong earnings reports, but at some point, they will drive the market and individual names.

Broad Market

For now, we are in the midst of a tenuous rally that just saw major indices give up more than one percent in gains.  Maybe, it’s a (small) victory that the Dow moving into the red didn’t trigger massive sell programs like yesterday.  Instead, buyers materialized.

I think we are in a better frame of mind, and I believe President Trump will present a compelling case for more calm tonight. 

 

 

 

 

 

 

 

 

 

 

 

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