First YoY Decline Since Mid-2020

U.S. new home sales rose 4.1% MoM to an annual rate of 683,000 in April, topping the 669,000 expected by analysts. However, March’s initial 9.6% increase was revised downward significantly to 656,000. 🏘️

The theme investors are watching is that the ongoing lack of existing homes for sale is forcing buyers into new construction. We’ve heard this from builders, who remain cautiously optimistic despite high-interest rates and prices weighing on affordability.

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