Following the small MoM blip higher in existing home sales (though dismal YoY plunge), new home sales were expected to rebound in October (after plunging 5.5% MoM in September) but instead they utterly collapsed - crashing 8.9% MoM.

New home sales have now missed expectations for seven consecutive months

The drop in purchases was led by a 22.1 percent slump in the Midwest, and an 18.5 percent decrease in the Northeast. The South had a 7.7 percent decline while the West fell 3.2 percent.

Tumbling a massive 12% YoY - the biggest drop since April 2011...

And just for good measure, the median price tumbled to $309.7K from $321.3K, lowest since Feb 2017.

And supply is soaring...

But, but, but... Homebuilder valuations are back at their weakest since the great recession...

Buying opportunity?