U.S. ECONOMICS: New Home Sales Knocked to Three Month Low; Dunked in all Regions

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New home sales fell 8.1% to 406,000 in June after rising 8.3% to 442,000 in May (revised down from 504,000). April's 425,000 pace was knocked down to 408,000 for a net -86,000 revision for the prior two months. Sales declined in all four regions surveyed. The months' supply of homes rose to 5.8 from 5.2 (revised from 4.5). The median sales price fell 3.2% to $273,500 from a revised $282,600 (was $282,000). Prices are still up 5.3% year-over-year, though that's a little slower than the 72% y/y rate registered in May. Headline data are weaker than expected, with the outsized gain in May revised lower, which will sustain the Federal Reserve's disappointment with the housing sector.

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