New Home Sales Jump After Steep Negative Revisions

by Mike ‘Mish’ Shedlock
The Street

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.

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