New home sales numbers
- Prior was 733K (revised to 689K)
- Sales down 9.3% m/m vs -7.9% expected
- US median new home sale price $335,400, up 2.6% y/y
- New home supply at 5.7 months vs 4.9 prior
- Drops in all four regions
A miss on the downside and a substantial revision lower. That's going to lead to some downgrades in growth forecasts.
Housing is still healthy but you would expect home building to ramp up.
