The Commerce Department says new home sales rose nearly 24 percent in June from a month earlier to a seasonally adjusted annual sales pace of 330,000. May's number was revised downward to 267,000, the slowest pace on records dating back to 1963. Sales for April and March were also revised downward.
The sales revisions illustrate not only a broken but also deteriorating trend.
New Home Sales And Change YOY, SA:
Falling real (gold adjusted) home prices will do little to support future new home sales without further stimulus programs.
Median Home Price to Gold Ratio (MHPGOLDR) And YOY Change:
Source: finance.yahoo.com
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