Following the modest bounce in existing home sales (and disappointment in starts and permits), new home sales bounced in May to 610k (after plunging 11.4% in April, now revised to a 7.9% drop).

For now affordability doesn't matter...

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Of particular note is that median new home prices surged to $345,800 - an all-time record high.

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In fact, a closer look shows that home prices are exploding higher...this is the fastest 3-month spike in prices since Jan 2011... (and up 16.8% YoY)

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Of course, homebuilders stocks don't care about any of this...

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