US new home construction
  • Prior revised to -14.8% m/m
  • Sales at 0.664m vs 0.660m expected
  • Supply at 8.9 months vs 9.2 months prior
  • Median price $402,600 vs $429,600 prior
  • Median price -6.3% y/y

With 30-year fixed rates back up above 7%, it's looking like 2025 will be a tough year in the housing market. This number is largely in line with expectations.