The July new home sales were ugly: just 394,000 vs. consensus of 487,000. That is a drop of 13.4% from downwardly-revised June data. There also were net revisions of -69,000 over the prior months. And sales were down sharply in every region. This is the slowest pace of new home sales since October 2012. Months supply also jumped higher, to 5.2 from 4.3 in June (which itself was revised higher from 3.9 in the prior report).
Read the full report here.