Tuesday, May 24, 2011

New single-family home sales up 7.3% MoM; down 23.1% YoY

New single-family home sales are up 7.3% in April from a month earlier, but down 23.1% from April 2010:
New U.S. single-family home sales rose unexpectedly in April to notch their second straight month of gains and prices increased, according to a government report on Tuesday that offered some hope for the stagnant housing market.

The Commerce Department said sales increased 7.3 percent to a seasonally adjusted 323,000 unit annual rate, the highest level since December, from a slightly upwardly revised 301,000-unit pace in March. ...

However, compared to April last year sales were down 23.1 percent. ...

While the report cast a positive light on the housing market, it did little to change perceptions the economy remained mired in a soft patch.

Data ranging so far ranging from retail sales to industrial production have painted a picture of an economy struggling to regain momentum as the second quarter started, with employment only the bright spot.

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