June annualized new home sales print was 350K, significantly below the 372K consensus. S&P 500 is now down slightly at 1336 after going above 1345.
- New home sales increased Y/Y in nearly all regions. Northeast was flat. The West led the way with 36.1% growth. Overall Y/Y growth was 15.1%.
- However, monthly change was disappointing with an overall 8.4% decline. Northeast declined 60%! Sales in the South were down 8.6% m/m. Sales in the West and Midwest went up 2.1% and 14.6%, respectively.
- Additional disappointing data include indication of higher inventory, although rising at a slow pace. Homes for sale increased for the first time in the last 12 months! In addition, the months' supply increased for the first time in three months.
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