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Jan new home sales -7.8% to 593k SAAR, well.>

US DATA
US DATA: Jan new home sales -7.8% to 593k SAAR, well below the 647k rate 
expected. However, there were upward revisions to the sales pace in Dec 
and Nov. 
-Sales were down in the Northeast by 33.3% and in the South by 14.2%, 
but up in the Midwest by 15.4% and in the West by 1.0%. 
-The supply of new homes for sale +2.4% to 301k, to its highest level 
since Mar 2009, and +15.3% y/y.
 -As a result of the fall in sales and the increase in new homes for 
sale, the months supply on market jumped to 6.1 months from 5.5 months 
in Dec - reaching its highest level since Jul 2014.
-The median new home sales price -4.1% to $323,000, but +2.5% y/y.  
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