New home sales popped nicely in May to an annual rate of 610,000 marked by key highlights:

• Median selling price $345,800 +11.5% month to month, +16.8% from year earlier

• $300,000 to $399,000 range +28% month to month, +21% from year earlier 

• Months supply unchanged at 4.6%

I continue to say from evidence, both hard data and anecdotal, that housing is coming on strong and will be a central driver for an economic recovery that lifts GDP growth north of 3.0%. Meanwhile, everyone should be overweighted with exposure (part of S&P Industrials). 

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