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Tuesday, May 22, 2012

Look Ahead: New Home Sales

by Calculated Risk on 5/22/2012 09:05:00 PM

• At 10:00 AM ET, the Census Bureau is scheduled to release the New home sales report for April. The consensus is for an increase in sales to 335,000 on a Seasonally Adjusted Annual Rate basis (SAAR) in April from 328,000 in March. Based on recent builder comments, and the homebuilder confidence survey, new home sales probably increased in April. Also, watch for upward revisions to prior reports.

• Also at 10:00 AM, the FHFA House Price Index for March 2012 will be released. This is based on GSE repeat sales and is not as closely followed as Case-Shiller or CoreLogic. Last month this index turned positive on a year-over-year basis: "For the 12 months ending in February, U.S. prices rose 0.4 percent, the first 12-month increase since the July 2006 - July 2007 interval." Look for a larger year-over-year increase in March.

For the monthly economic question contest:

Earlier on existing home sales:
Existing Home Sales in April: 4.62 million SAAR, 6.6 months of supply
Existing Home Sales: Inventory and NSA Sales Graph
Existing Home Sales graphs