New home sales slip 1.5%, inventory rises to a nine-year high

New home sales in April fell 1.5% from March. April saw 662,000 new homes sold, whereas March saw 672,000, according to estimates from the U.S. Census Bureau and the Department of Housing and Urban Development. The industry seems relatively unconcerned with the slip and calls for an upward trend in home sales going forward. “[The National Association of Home Builders] index is still down a bit since year end, but there is no sign of ongoing weakening,” Jim O’Sullivan, chief U.S. economist at High Frequency Economics, said in a note to clients, according to the Wall Street Journal.

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Source: HousingWire