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July new home sales -9.4% to 571 SAAR, well.>

US DATA
US DATA: July new home sales -9.4% to 571 SAAR, well below the 613k 
rate expected and the slowest pace since December, but following upward 
revisions to the sales pace in the previous three months. July sales 
were down noticeably from the 613k 2Q sales avg. Sales fell sharply 
in the NE, South, and West, offset by a gain in Midwest. The supply of 
new homes for sale +1.5% to 276k, the highest since June 2009 and +16.5% 
y/y. As a result of the supply gain and sales drop, the months supply on 
market  surged to 5.8 months from 5.2 months in June, hitting the 
highest point since September 2015. The median new home sales price 
+0.7% to $313,700, +6.3% y/y. See MNI main wire. 
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