US DATA: July new home sales -0.7% to 298k SAAR, the.

US DATA: July new home sales -0.7% to 298k SAAR, below the 315k rate
expected and following downward revisions to the previous two months.
Still, sales were up 3.8% NSA from a year ago. Sales were up in the NE
and MW regions, but down in the larger South and West regions. The
supply of new homes for sale -0.6% to record low 165k. As a result, the
months supply held steady at 6.6 months at the current sales pace, down
sharply from a year ago. The median sales price -6.3% to $222,000 in
July, but +4.7% y/y. The large supply of less-expensive distressed
existing homes on the market continues to weigh on new home sales.