by Mike ‘Mish’ Shedlock
New home sales in May jumped 16.6% to 676,000 units on a seasonally adjusted annualized basis.
The huge percentage jump is from a downward revision. The Census Bureau revised April from 623,000 units to 580,000 units.
Sales vs Expectations
Mortgage News Daily commented “For the second month in a row, sales of newly constructed homes outdistanced expectations.”
Factoring in the revision, sales beat expectations one month in a row but by a huge margin.