by Mike ‘Mish’ Shedlock
New Home sales rose to a Seasonally Adjusted Annualized Rate (SAAR) of 592,000 vs. a Bloomberg Econoday consensus estimate of 562,000.
Interestingly, home price appreciation as measured by Case Shiller unexpectedly declined by 0.1%. That is on top of a revision of for last month from +0.5% to-0.2%.
Housing is emerging as a positive surprise for the 2016 economy. New home sales burst to their best strength of the cycle during the Spring, coming in at a much higher-than-expected 592,000 annualized rate in June following a 572,000 rate in both May and April (both revised). To see the strength by comparison, the rate in June last year was 25 percent lower at 472,000.