US May new home sales 0.619m vs 0.640m expected

• Prior was 0.634m (revised to 0.698m)
• Sales down 11.3%
• Supply 9.3 months vs April at 8.1 months

The large upward revision to the prior is responsible for a big part of that 11.3% decline but these numbers are still soft. I wrote yesterday about how Restoration Hardware and Pool Corp have had some troubling comments about housing-related spending. Lumber prices have also fallen through the floor. Rate hike are biting the sector hard.

This article was written by Adam Button at www.forexlive.com.