US new home sales rose in June for the first time in three months as builders
enacted large price cuts that offset high mortgage rates and weak consumer
confidence. Annualized sales were 628,000 units, up 1.6% YoY and above the
607,000 consensus. The median sale price fell 2.7% YoY to $398,300, the fifth
YoY decline in six months. The improvement likely reflects heavy discounting and
promotional activity by developers to stimulate weak demand.
