New Home Sales Paint Completely Different Picture Versus Last Month
Last month's New Home Sales data from the Census Bureau was a real downer. It showed sharp declines in sales and a puzzlingly abrupt jump in inventory levels. One thing we used to point out about this data series was its immense margins of error. These could frequently result in major revisions that ended up painting completely different pictures compared to the initial release.
For whatever reason, the size of those revisions remained stable enough in recent years that our coverage hasn't felt the need to point it out as regularly. Today doesn't necessarily bring that old school feeling back with a vengeance, but there was moderately big revision that brought last month's 591k reading up to 629k (for the month of April).
The bigger news is the extent to which May's new home sal
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