Sales of newly constructed homes were almost flat in April — but in a sickly housing market, economists saw a few reasons for hope.
The Commerce Department said new home sales ticked up 0.3% last month to a seasonally adjusted annual rate of 352,000. That was from a downwardly revised reading of 351,000 in March.
Analysts were looking for the rate of new home sales to rise to 360,000, according to a consensus estimate of economists compiled by Briefing.com.
“We aren’t seeing a huge upswing in market conditions. But we aren’t seeing things fall apart again, either,” said Mike Larson, real estate and interest rate analyst at Weiss Research, in a research note.
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