May New Home Sales Down 33%, ITB Fades Data, Months Supply Up 46% to 8.5 (From April)

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May New Home Sales (
As I said in my post last night on existing home sales, the lumber contract and Home Construction ETF ($ITB) could have been pricing in the poor housing data after the April 30 tax credit expired.  After today's new home sales release showed a 33% decline in May over April, ITB made new lows but rallied back into the green.  Watch the downtrend line for a potential breakout (or continuation) on the chart below.  ITB is currently up 1.19% to $11.95.  Below is the New Home Sales Data with a table snatched from

US Homes Sold: May 2010 from April 2010 -32.7%, from May 2009 -18.3%
For Sale at End of Period: May 2010 from April 2010 -.5%, from May 2009 -26.8%
Months Supply: May 2010 from April 2010 +46.6%, from May 2009 -10.5%

New Houses Sold and For Sale, Months Supply at

ITB (iShares Dow Jones US Home Construction Index Fund ETF)
Courtesy of

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