July US new home sales miss estimates
Lowest since October
Prior was 631K (revised to 638K)
Sales -1.7% vs +2.2% expected
5.9 months supply (6 months considered balanced)
The economy is strong but people aren't building and buying homes. That might be higher interest rates, it might be lumber tariffs, it might be land-use regulation but it also might be that the economy isn't as strong as believed.