US DATA: Jun new home sales -8.4% to 350k SAAR below expectations
for 370k. However, May and Apr sales were both revised higher. May was
revised to 382k and Apr to 358k. The supply of homes +0.7%
to 144k or 4.9-mos supply vs 4.5-mos in May. Regionally, the NE saw the
largest decline on record -60.0%, the MW +14.6%, South -8.6%, West
+2.1%. Completed new homes for sale stood at 41k which is the lowest on
record (May was 43k) which could be signaling supply constraints are
holding back new home sales. This dissapointing report comes after the
Jul NAHB sentiment index posted its highest reading since Mar’07.