According to the US Census Bureau the sale of new homes in June fell 6.6% from May sales and 19.4% from June 2020 sales. That is the lowest level of new home sales since the start of the COVID-19 shut downs in April 2020. The drop is significant because most "experts' predicted more significant growth in June. The reasons for the decline seem obvious now. A combination of tougher mortgage qualification guideline, a rise in rates, spiking in lumbar prices, a shortage of appliances, labor, and affordable land all have combined to slow the new home market down.
In the next phase I think we will see exaggerated numbers for the decline because we will be comparing the new market to scorching hot summer of 2020 market that grew at incredible rates. However, those declines won't tell the real story of the market because demand is still very strong and will likely remain strong for the some time. But, the writing is on the wall that market conditions are coming back down to earth and people should adjust their spending accordingly.