New Home Sales Fall Short of Expectations, but Dropping Lumber Prices Could Provide Breathing Room
The numbers: New home sales dropped by a larger-than-expected amount, falling to the lowest level in a year.
New home sales occurred at a seasonally-adjusted annual rate of 769,000 in May, the U.S. Census Bureau reported Wednesday. The figure represented a 5.9% drop from the previous month’s revised figure, but was up 9.2% from a year ago.
The new home sales report often sees very significant revisions in subsequent months following the initial estimates. The U.S. Census Bureau noted that the change in new home sales between March and May could be 18.6% larger or smaller than what it is currently reporting, a wide confidence interval.
The median forecast of economists polled by MarketWatch was 859,000
Author: realtor.com