US DATA: April new home sales +7.3% to 323k SAAR, well above the 300k
rate expected and following upward revisions to the previous two month.
Sales were up in all four regions of the country, but were still down
sharply from a year ago. The supply of new homes for sale -2.8% to a
record low 175k. As a result of the sales jump and further supply drop,
the months supply fell to 6.5 months at the current sales pace, the
lowest since April 2010. The median sales price +1.6% to $217,900 in
April, +4.6% yr/yr. Annual revisions to the seasonally adjusted data
were included in this month’s report.