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New Home Sales Beat With Downward Revision Taking Some Gloss Off

US DATA
  • New home sales were stronger than expected in April at +4.1% (cons -2.1) but only after March’s surge was revised down to 4.0% (prior 9.6).
  • In level terms it left a smaller overall beat, at 683k vs cons 665k.
  • It sees new sales continue to push higher off apparent cycle lows than is the case for the much larger existing segment.
  • The particularly volatile median price data registered their first Y/Y decline since Aug’20 with -8.2% Y/Y, despite the 7.6 months of supply registering its lowest since Mar’22.

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