New Home Sales, which measures signed contracts on new homes, were down 6.9% in April, which was weaker than the 3% drop expected…but this doesn’t tell the whole story. The March report was revised significantly higher. When factoring in the revision, sales were only down 2.8%, which was in line with expectations. Diana Olick and the media would have you believe that this was a very weak report and that housing is dead. Keep in mind that Sales are still up a solid 7% year over year.
Reblogged from MBS Highway: https://www.mbshighway.com/gallery/New-Home-Sales-5-23-2019-png
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