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.