Above expectations on a bounce from ‘cold winter’ lows that still leaves it relatively low, and lower than this time last year.
And note that mortgage finance has flattened out as well.
The regional breakdown is led by the Midwest which surged 13 points to 65 followed by the West which dipped 1 point to 57. Continuing to lag way back is the Northeast, a region already fully developed, with the South, which is by far the largest region for new home sales, down 2 points to a soft 51 which doesn’t point to much strength for the new home sales report. Watch for housing starts tomorrow and the new home sales report next Monday. The Dow is moving to opening highs following today’s report.