May existing home sales fell 26.6% Y-o-Y to 3.91 million, the lowest level of annualized activity since 10/10. Conversely, May new home sales rose 12.7% Y-o-Y to 676,000. May new home sales reflect May signed contracts. May existing sales reflect contracts signed in March and April. As a result, existing sales have only now hit bottom. New home sales bottomed out in April. Both are staging a strong V-shape recovery.