U.S. new home sales drop 11.4% in April, the most in two years [View all]
Source: LA Times
US S. sales of new homes last month registered the biggest drop in more than two years.
The Commerce Department said Tuesday that new home sales skidded 11.4% in April to a seasonally adjusted annual rate of 569,000. It was the biggest monthly drop since March 2015. Economists had expected a more modest retreat from March sales of 642,000, which were the highest since October 2007. Sales in April were still up 0.5% from a year earlier.
Sales fell in every region of the country, led by a 26.3% plunge in the West, the biggest drop since October 2010.
Economists were inclined to view the April reading as a one-month blip. Ian Shepherdson, chief economist at Pantheon Macroeconomics, called last month’s drop “a correction from the March cycle high, not a warning sign.”
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Read more: http://www.latimes.com/business/la-fi-new-home-sales-20170523-story.html
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