US August new home sales 560K vs 585K expected

US August new home sales data
– Prior was 571K (revised to 580K)
– Down 3.4% m/m
– Median price $300,200, up 0.4% y/y
Weak numbers but it could be Harvey related. The pricing cap on new homes is keeping a lid on the entire market but an increasing problem is the slowdown in new house construction.