April New Home Sales Slide 1.5%, March Revised Sharply Lower
The Econoday consensus estimate for April new home sales was 677,000 at a seasonally adjusted annualized rate (SAAR).
The Census Department report on New Residential Construction shows a 1.5% pullback to 662,000. But March was revised from 694,000 all the way to 672,000.
The decline from March as originally reported was 4.6%. The perceived housing momentum flattened.
Mortgage News Daily trumped this up as New Home Sales Continue to Improve on Annual Basis. The statement is true but the comparison was also easy.
Easy Year-Over-Year Comparison
The March sales as originally reported were up 5.3% from February. As revised today, March sales were up 1.9% over February. April took 1.5 percentage points from March.
The perceived housing momentum just vanished.
Mike "Mish" Shedlock