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New Home Sales Disappoint As Median Price Drops Year-Over-Year

After disappointing existing home sales (following a notable drop in homebuilder confidence), new home sales modestly disappointed in June (610k vs 615k exp) with a small downward revision to May...

 

(the 3rd downward revision in the last 4 months).

 

Perhaps more notable is the 3% drop in median home prices YoY following a big downward revision in May (from record $345,800 to $324,300).

 

Of course, homebuilders remain blissfuly ignorant of the actual state of the housing 'recovery' - with the biggest gap between hope and home sales ever...

 

And as the real estate market's data collapses, optimism remains...