New home sales plummeted from a 630,000-unit pace in June to a 571,000-unit pace in July, a seven-month low. Losses were widespread across regions with the exception of the Midwest, where we saw a modest gain. The level of new, single-family home sales in the Midwest, however, has come off of the highs earlier in the year and remains close to the year-ago level. Total new home sales are off a little more than 9% on both a month-to-month and year-to-year basis. One silver lining to the gloomy report: upward revisions to May and June data.