New Home Sales spiked 6.7% MoM in May (a big positive surprise and most since Nov 2017) but June was expected to see a reversion with a 3.1% MoM drop. But it was far worse - not only did June's 6.7% surge get revised lower to just 3.9%, but June tumbled 5.3% MoM (well below expectations).

This is the biggest MoM drop in New Home Sales since Dec 2017... and this follows a plunge in Housing Starts in June.