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New home sales decline in April, revised sharply lower for March; prices continue to skyrocket, while inventory increases

New home sales decline in April, revised sharply lower for March; prices continue to skyrocket, while inventory increases

This morning both new home sales and two price indexes for houses were released for April, completing our view of that important long leading sector.


As anticipated, not only did new home sales decline for the month, but March was also hugely revised to the downside ( over 10%!):


Figure 1