Analysts expected a 3rd straight month of declines in new home sales in March, but they did not see this bloodbath coming. New Home Sales crashed 8.6% MoM (vs -0.6% exp). That drags new home sales down 12.6% YoY.

Source: Bloomberg

This is the biggest drop since April 2021 and this is the start of the busiest season in the year for housing. This is the lowest SAAR since Nov 2021...