New home sales and the strange housing market we have

The big upside surprise in new home sales in May of 763k vs the estimate of 676k wasn’t as good as it initially appeared as it was revised down to 715k. The June figure was 697k, 28k less than expected so taken all together, all around close to in line with what was first thought last month. Months’ supply rose to 7.4 from 7.2 and vs 7.7 in April. The y…