Dwelling Decline

June new home sales came in at a seasonally adjusted annualized rate of just 676,000/year, and May was revised sharply down. As recently as 1/21 sales were 993,000/year but have fallen sharply and are now below their pre-Covid-19 run rate. Moreover, months of inventory are jumping. After bottoming at 3.5 last September/October, they are now at a historically normal 6.3. Builders are pulling back in the face of high prices.

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