New home sales for April:
– Prior was 511K (revised to 531K)
– +16.6% m/m vs +2.3% m/m expected
– Supply at 4.7 months vs 5.5 prior
– Northeast +52.8%, Midwest -4.8%, South +15.8%, West +18.8%
That’s a huge beat. Generally when a number is that far out of line it’s some kind of seasonal skew.
