After a two-month rebound from January’s plunge, new home sales disappointed in April, dropping 1.5% MoM to a SAAR of 662k (below the 680k expectation).
Is the rebound over?
While new home sales declined 1.5% MoM, they rose 11.6% YoY thanks to the insanely noisy time-series and various weather impacts.
One interesting anomaly was that while the median new home sales price tumbled to the lowest since April 2017, the average new home sales price jumped to an all time high.
Which suggests the high-end is seeing all the gains as 50% of homes sold at a price that was 7% below last month.
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