New US home sales fell for the first time since February, mixed data released on Wednesday suggested.

The figures, which are volatile and prone to meaningful revisions, showed the annual pace of buying decelerated to 697,000 in June, 2.5% lower than May’s downwardly-revised 715,000 rate. March and April’s figures were also revised lower.

The pace still counted as robust by pre-pandemic standards, and represented a near 24% pick up versus the same month last year, when prices peaked and the Fed was busy dialing up the first of what ended up being four straight 75bps rate hikes.

Sales surged in the Northeast, plunged out west and rose slightly in the south.

The narrative scarcely needs repeating: Americans still in the market for homes have little choice but to consider new construction. An acute dearth of resale supply has left buyers with fewer options. Shares of homebuilders were among the best-performing equities in the first half.

The median new home price was $415,400 last month, Wednesday’s data showed. That was down from a revised $417,300 in May, and nowhere near October’s peak of $497,000. On a YoY basis, the median price has fallen three straight months.

The run up illustrated by the blue line is daunting for lower- and middle-income families, to put it mildly. Average prices rose to $494,700 last month. That too is well off the highs, but still onerous for many.

Updates on the two national gauges released on Tuesday showed the inventory shortage is indeed putting a floor under prices, which rose a fourth month on Case-Shiller’s data and a fifth on FHFA’s index.

Months’ supply of new dwellings ticked higher. New home sales are on pace for 624,000 this year versus 641,000 in 2022.

Separately, the MBA said Wednesday that mortgage applications fell last week. “Rates were essentially flat but remained high, with the 30-year fixed rate staying at 6.87% and contributing to a pullback,” MBA VP Joel Kan remarked.