The Asian rebalance stutters?

 We had the unexpected drop in home sales.  Dunno what caused it, mortgage rates haven;t moved much, weather is fine.  Likely Chines currency controls   may have reduced shoppers from abroad.  There was a bigger drop in the West,  which can tilt the wheel because of the California effect.

Business Insider:

New home sales in the US fell much more than expected in April. Sales slumped 11.4% at a seasonally adjusted annual rate of 569,000, the Census Bureau said in its monthly report. Economists had forecast that sales of new single-family homes fell 1.8% at a seasonally adjusted annual rate of 610,000, according to Bloomberg. "The seasonally adjusted price of new homes nationwide fell, which is encouraging to budget-conscious buyers, but most of that drop was most likely driven by weakness in the West, where homes tend to skew toward the higher price points," said Svenja Gudell, Zillow's chief economist, in a note. Sales in the West fell by 26.3%, the most since October 2010.