Domicile Downer

May new homes sales came in at a lackluster annualized rate of 769,000/year, well off their 1/21 near 15-year high of 993,000 and their 7/20-1/21 monthly average of over 900,000. Worse, April sales were revised down to 817,000. High prices, the May median was (gasp) $374,000, labor and supply-chain issues, an utter lack of inventory, and a huge backlog of sold but not started homes, are finally hitting home.