New Home Sales volume rose up 3.6% from last month and 6.7% from last year. The median price rising 6.1% from last month and 2.1% from last year, now sits at $427,000. The market is sitting on a 8.5 month supply, which is longer than average. With a smaller share of existing homes on the market, home builders are happy to fill that void.
Mortgage interest rates however are set to move lower on rumors by Chinese tech company DeepSeek who claims to have produced a robust AI interface that can compete with the likes of Chat GPT without the need of super high performance chips. That news is pulling shares of Nvidia et al lower. These chip manufacturers’ value has skyrocketed recently with the expectation that their product will be essential to move AI forward and these claims out of China are giving pause to the continued ascension of the tech stocks.
