April New Home Sales Slide 1.5%, March Revised Sharply Lower
Mike Mish Shedlock
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.
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