Home sales outperform expectations in April

The volume of new home sales in April were surprisingly better than expected, according to the National Association of Home Builders’ (NAHB) latest blog post. Initially, NAHB forecasted a decline, however, the recent report by the Census Bureau indicated that sales were flat in comparison to March and the beginning of the COVID-19 economic downturn.

Specifically, the Census reported a 623,000 seasonally adjusted annual rate in April. This is an uptick from March’s revised rate, which registered at 619,000. Despite being approximately 20% down from the year’s peak in January, this increase is a positive sign. Data found by NAHB is causing a forecast that includes housing as a leader in a recovery given the amount of momentum carried by housing construction at the beginning of the year.

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