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April New Home Sales Surge, Rising Over 16%

Friday, July 10, 2020   /   by Erik Bjorklund

April New Home Sales Surge, Rising Over 16%

After its pandemic-related plunge in April, the rapid recovery of the Housing Market Index, a measure of builder confidence, seems
justified by today's Census Bureau report on new home sales. For the second month in a row, sales of newly
constructed homes outdistanced expectations, rising by 16.6 percent to a
seasonally adjusted annual rate of 676,000 units.
However, the original April estimate
of 623,000 units was revised down drastically to 580,000.
This month's surge did
exceed last May's 580,000 unit rate by 12.7 percent, but it seems that this
data is more susceptible to revision in the current environment
than in more
normal times. Sales exceeded the upper limits of analysts
predictions
, which in the case of those polled by Econoday ranged from 600,000
to 670,000 units. The consensus was a rate of 630,000-units.


 

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