Miss on new home sales
– Prior sales 621K (revised to 642K)
– Supply at 5.7 months vs 4.9 in March
– Single family sales 0.569 million pace vs 0.610 m expected
This is a terrible report that hit out of nowhere. For the moment, you have to set it aside as an outlier in what looks like a strengthening housing market but it’s a big disappointment.
