 housing remains in focus in part because the higher for longer rate environment we've been discussing has meant that mortgage rates are elevated when compared to before the pandemic, a headwind to housing. Consider some data. New home sales, which makes up about 10% of the housing market, fell much more than anticipated in May, down to 619,000. This is the lowest level in six months and represents a drop over the last year of 16.5%. Now, despite this drop, housing prices continue to move higher.