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New home sales disappoint, prices fall

Published 05/23/2017, 10:28 AM
© Reuters.  New home sales disappoint, prices fall
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  • April new home sales came in at a seasonally adjusted annualized rate of 569K, well below March's revised rate of 642K, and roughly equal to the rate in April of 2016. Expectations had been for 610K.
  • Looking at regions, there was a big drop in sales in the west - to 126K from 171K.
  • The median price of $309.2K was down 3.8% Y/Y.
  • Taking the first four months of the year together, new home sales are on track to hit 623K in 2017 vs. 561K last year.
  • The homebuilders were higher out of the gate this morning, but have given up those gains since the print hit. ITB -0.15%
  • The 10-year Treasury yield is down one basis point at 2.24%. TLT flat, TBT -0.1%
  • Now read: The Fat Lady Is Singing... What To Do About It


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