Substantial upward revisions to new home sales in January and February, coupled with a 4.0% m/m rise in March, means new sales now look to have made a decent start to the year. The relatively healthy inventory of new homes for sale explains why new sales are outperforming the existing home market. The recent drop in housing starts therefore poses a risk to new home sales but, assuming that contraction is temporary, sales should be able to maintain their current pace over the next year or so.
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