Analysts at Wells Fargo, point out that even
Key Quotes:
“New home sales declined 1.5 percent to a 662,000-unit annual pace in April as sales in March were revised lower to a 672,000-unit annual pace.”
“Home sales rose solidly in the West earlier this year and likely did not see as much incremental improvement in April as they usually do, resulting in the seasonally-adjusted drop.”
“Stronger job and income growth appear to be driving demand for new homes and sales are off to a solid start this year. Rising mortgage rates and rising home prices will likely put a relatively low ceiling on sales gains this year.”
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