New Home Sales Miss Big

Prior	Consensus	Consensus Range	Actual
New Home Sales - Level - SAAR	315 K	320 K	309 K to 326 K	307 K

Among the ugly details, new homes in the south have swung lower, this is the most important region for new home sales. There is now 6.1 months of supply, making this the first time in 6 months that this measure hasn't improved. Median Home Price also fell -2.5% to $210,300, on a year on year basis, this is a 12.8% decline, the worst reading since the "recovery". Lower prices as well as lower mortgage rates have failed to keep this report's head above water.