Posted To: MND NewsWire

Sales of newly constructed homes gave back some of their March gains last month, declining 5.9 percent to a seasonally adjusted annual rate of 863,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development. A surge in March had taken sales to a 1.021 million unit rate, a 20.7 percent gain, but those number also lost some luster. That estimate was downgraded to 917,000 units in Tuesday’s report . April’s rate of sales was 48.3 percent higher than the 582,000 unit estimate in April 2020, when the nation was largely shut down by the COVID-19 pandemic. The rate of new home sales was much lower than predicted. Econoday analysts had forecast a rate between 915,000 and 1.04 million units. Their consensus was 955,000. On a non-adjusted basis there were 78,000 homes…(read more)

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Source: Mortgage News Daily