by Mike ‘Mish’ Shedlock
News home sales in May fell 6% from a downward revision to April’s huge numbers.
Those April numbers looked too good to be true, and they were. Yet, the May numbers were the second best in the recovery.
Home builders had to offer lots of concessions to get these numbers, and new buyers cannot afford much. The Median price on new homes fell a whopping 9.3%.
Let’s take a look at the other details from the Bloomberg Econoday report.