Amid record July cancellations, and tumbling single-family building permits, new home sales were expected to rise very modestly (+0.6% MoM) last month but instead they dropped 0.6% MoM (thanks in large part to a huge upward revision for June from +0.6% MoM to +4.1% MoM). Despite the upward revision, new home sales remain down over 8% YoY...

Source: Bloomberg

The subsidy offered by new home builders clearly separates them from existing home sale volumes but neither shows any signs of life.