New Home Sales Beat Expectations And Huge Revision To Last Month's Data

New home sales were up 6.4% to an annualized pace of 433,000 units in April.

This missed expectations for a 10.7% month-over-month rise. But the level was above expectations for an annualized pace of 425,000 units.

This is because there was a significant upward revision to March’s data.

Existing home sales were down a more modest 6.9% in March to an annualized pace of 407,000 units.

This compares to an initial reading of a 14.5% fall to an annualized pace of 384,000 units the previous month.

On Thursday, we saw existing home sales rise less than expected.

As the weather returns to seasonal norms and as mortgage rates have declined in recent months, housing data is expected to improve.

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