Sales of newly constructed homes lost momentum in April, reversing three straight months of gains. The Census Bureau and the Department of Housing and Urban Development said sales were down 11.4 percent from March to a seasonally adjusted annual rate of 569,000, and barely eked out an 0.5 percent gain from the April 2016 estimate of 566,000 units.
There was one positive note. Sales in March were revised upward significantly; from 621,000 to 642,000. The pushed March ahead of last July, to being the strongest month since the housing crisis began.
Analysts had expected sales to dip after three months of solid increases, however those polled by Econoday were looking for them to be in a range of 585,000 to 622,000 units. The consensus was 604,000 units.
