New housing sales still weak

The new home sales report for June was released today. More of the same: More inventory ... fewer sales ... less price growth. Specifically, sales were down 11.1% year-over-year and inventory surged to a fresh all-time record of 566,000 units. The median price of a new home rose 2.3% YOY, the slowest rate of growth since December 2003. I'm expecting negative readings very soon given all the discounting, undercutting, and all-out desperation in the new home market.

As for interest rates, the snoozefest continues. Rates have basically gone nowhere the past several days.