US new home sales have seen a massive fall, dropping from 0.455m (revised from 0.497m) to 0.394m in July. Economists had forecast a fall from the unrevised figure to 0.485m.
On a more-reliable 3-month average, new home sales have slipped, but haven't cratered. See the chart. pic.twitter.com/bo91LpBMtc— Rex Nutting (@RexNutting) August 23, 2013
That puts the new home sales change at -13.4 per cent, from 3.6 per cent (revised from 8.3 per cent). Bad news for June and July, while analysts had predicted a change of just -1.4 per cent in July.
Home sales falling in line with mortgage applications. QED.— deltahedge (@minefornothing) August 23, 2013