Here Comes New Home Sales...

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New home sales for April are out at 10 a.m. ET.

Economists polled by Bloomberg are looking for new home sales to rise 1.9% month-over-month (mum) to 425,000. This compares with a 1.5% rise in March to 417,000.

Economists watch the new home sales number to get an insight into housing supply, because tight supply helps support home prices. It also reflects the health of the American consumer.

Yesterday, we saw existing home sales rise 0.6%, missing expectations. But the silver lining in the report was that distressed sales accounted for a smaller portion of overall sales.

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