US April new home sales
- Prior was 694K (revised to 672K)
- Sales -1.5% vs -2.1% expected
- Prior +4.0% (revised to +2.0%)
It's a soft report with a lower revision. Housing has stumbled a bit so far this year and it's not turning around quickly. Higher mortgage rates aren't going to help in the near term but US housing is still relatively inexpensive overall.
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