BUILDING BLUES

May new home sales slid to 580,000 seasonally adjusted, and are down 7.3% M-o-M, 6.8% Y-o-Y. Sales of completed homes have declined for three straight months and are down over 30% since November. Moreover, the supply of new homes for sale is up to 496,000, and with plunging sales, that’s pushed inventory to 10.3 months, one of the worst readings since the Housing Bust. Median new home prices continue declining.