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.
