New Home Sales Badly Miss Expectations With Negative Revisions As Well

New Homes Sold and For Sale 2021-04

Econoday economists expected new home sales for April to come in at a seasonally-adjusted annualized rate of 955,000. Instead home sale came it at 854,000 badly missing expectations. 

In addition, the March monster month of 1.021 million was revised lower to 917,000.

These are good numbers but much weaker than expected and reported. They are also headed in the wrong direction. 

Economic Data is Weakening on Four Fronts

Om May 21, I reported Economic Data is Weakening on Four Fronts

Retail sales and Jobs badly missed expectations as did existing home sales and housing starts.

We can add new home sales to the list of weakening reports.  

Weakening does not mean weak, yet.

But given the massive amount of stimulus, including paying people more to be unemployed than they made employed, the trends need a sober look.

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