This morning, the Census Bureau reported New home sales are down again.
Diving a bit deeper into the report there is clear evidence of builder speculation just as home sales and prices weaken.
New Home Sales Details
Seasonally adjusted, home builders are speculating on 284,000 homes without as sales contract.
One year ago, builders had 241,000 homes in various stages of construction without a sales contract.
Median sales prices fell 6.2% in the current period and is up only 0.4% from a year ago.
Year-over-year new home sales are down 1.2%.