Archive for the ‘Pace’ tag
Revisions Boost New Home Sales, Suggest Stabilization, Economists Say
U.S. new home sales fell marginally in June but the pace was much
higher than expected due to +50k of revisions over the past three months.
Economists were surprised by the report and said it may
be a tentative sign of stabilization, though more data will be needed to
confirm that.
Sal Guatieri, senior economist at BMO Capital Markets, said the
report “paints a brighter picture (than previously portrayed), in the new
housing market anyway.” Yet he cautioned against being too optimistic, as
things are still getting worse but only at a slower decline than in the
past two years.
New Home Sales Higher than Expected Due to Revisions in May, April
New home sales fell for the seventh of the past eight
months in June, falling by 0.6% to an annual pace of 530k sales. This
rate is much higher than consensus expectations due to major revisions in
the previous two months, according to the U.S. Census Bureau on
Friday.