Against expectations of a 3.7% MoM jump, new home sales plunged 6.6% MoM in June (and worse still May was revised lower from -5.9% to -7.8%)

Even more amazing is the fact that new home sales are down almost 20% YoY - the worst since 2011.

This leaves the SAAR at its lowest since April 2020.

The median new home price dipped...

Supply is finally beginning to pick up (up 7% MoM) to highest since March 2020

Something has to give in this chart...

Will Jay Powell be the trigger at J-Hole?