April new home sales -1.5% to 662k SAAR,....>

US DATA: April new home sales -1.5% to 662k SAAR, below the 680k exp. 

Both February and March sales were revised lower. Annual revisions were 

included in the data, and after they are incorporated, April sales were 

ahead of the 655k average for the first quarter.

-Sales were up in the Northeast and South, but fell sharply in the West 

to account for the headline decline. Sales in the Midwest were flat.

-The supply of new homes for sale +0.7% to 300k (high since April 2009) 

and +12.4% y/y, indicating very good supply.

-As a result of the drop in sales and the small rise in home supply, the 

months supply on market rose to 5.4 months from 5.3 months in March. The 

months supply was unchanged from a year ago.

-The median new home sales price -6.9% to $312,400, +0.4% y/y. This was 

the lowest median sales price since April 2017 ($311,100).