US New Home Sales Fall -2.5% MoM In June To 697k Units Sold (Thank The Fed For 23.8% YoY Growth!)

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New home sales in June fell -2.5% from May to June to 697k units sold. But on a year-over-year (YoY) basis, new home sales are up 23.8%. Thanks largely to The Federal Reserve slow walking the shrinking of their massive balance sheet.

Too much monetary stimulus and The Fed’s failure to remove the Covid stimulus is now hitting new home sales.

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