US June new home sales 0.676m vs 0.800m expected

US June new home sales data

• Prior was 0.769m
• Sales -6.6% vs +3.5% m/m expected
• Prior -5.9% m/m (revised to -7.8%)
• Median price $361,800 (up 6.1% y/y)
• Suppy 6.3 months vs 5.5m prior

Sales in the northeast plunged 27.9% to lead the way lower. There's a good debate regarding the slowdown in new home sales. Home builders say that demand and backlogs remain strong but they've changed sales practices because they were caught out by high lumber prices. Others say that the jump in prices this year has exhausted buyers.

Shares of home builders have dipped on this data but the broad market is unmoved as optimism builds.

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