- Prior was 591K (revised to 629K)
- Sales change +10.7% vs -16.6% prior
- Supply 7.7 months vs 8.3 months prior
- Median price 449K vs 390.4K a year ago
KB Home and Lennar reported earnings this week and the commentary highlighted a slowdown but both were still optimistic about the outlook and KHB reiterated guidance for the year. US 30-year yields are down nearly 30 bps from the peak last week.
This is an important indicator and a sign that the optimism we've seen from home builders isn't exactly misplaced. Granted, sales have come down a lot but some of that is builders throttling because of supply chain issues and/or not selling until the home is nearly complete.