by Mike ‘Mish’ Shedlock
Following last month’s dismal showing, new home sales rebounded pretty much in-line with estimates, with the Western region leading the way.
Year-on-year sales are up in the West by 10.2% and the Midwest by 1.2%. Sales are down in 3.8% in the Northeast, and 14.3% in the South.
There is not a lot of overall traction.
New home sales came in at a 512,000 seasonally adjusted annualized rate of 512,000 (SAAR), pretty near the Bloomberg Econoday Consensus estimate of 510,000.