July US new home sales data

  • Seven month low
  • Prior was 610K (revised to 630K)
  • Sales pace -9.4% vs 0.0% expected
  • Prior sales pace +0.8% (revised to +1.9%)
  • Big drops in the Northeast and West regions

That month-over-month drop is sparking a few cringes but the story is supply. Builders want to build but they're saying they can't find the land.