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New Home Sales dropped in April

Tuesday, May 23 2017
New Home Sales dropped in April

Sales of newly constructed homes stumbled in April, as builders retreated after a March surge that marked the strongest selling pace in a decade. New-home sales ran at a seasonally adjusted annual rate of 569,000, the Commerce Department said Tuesday.

That was well below the MarketWatch consensus forecast of a 610,000 annual rate, but was offset by sharp upward revisions to data from prior months. In particular, March’s pace was raised to a pace of 642,000, the highest since October 2007. April’s figures were 11.4% lower for the month, but 0.5% higher than in the same period a year ago.

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