Click on graph for larger image.
First, the monthly MBA Purchase Index shows the housing market is continuing to slide - even though the numbers rebounded somewhat in the most recent week.
Second, there is significant variability in the New Home Sales data. However, looking at a long term chart, the trend is definitely down.
Existing Home Sales are a trailing indicator because the sales are reported when escrow closes - about 30 to 60 days after the contract is signed.
Given this data, I expect further declines in the reported New and Existing Home sales for April.