May 2012 New Home Sales Up, but…

New Home Sales (May 2012)
– New Home Sales 369,000 up from previous 343,000.
– This is the Seasonally Adjusted Annualized Rate.
– Up 7.6% Month/Month, 19.8% Year/Year, and a 2yr high
– But mark this as “improved but still weak” because 850k annualized is a normal market
– Below is CNBC’s Diana Olick making this point using a long-term chart
– Full New Home Sales Report

Chicago Fed National Activity Index (May 2012)
– Level was -0.45. Previous was 0.11 revised to 0.08, THis is the first negative reading since June 2011.

Dallas Federal Reserve Manufacturing (June 2012)
+5.8 following a -5.1 in May. This is a survey of manufacturers on Texas.

$XHB