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U.s. New Home Sales Likely to have Risen Further in April

In March, U.S. new home sales had unexpectedly rise 5.8 percent to a 621k unit pace, the second highest point of the current cycle. The data for prior months were revised upwardly giving a rosy picture of the new home buying season early in 2017. A slight payback from warm weather in January and February could have pulled forward sales from March; however, that did not seem to be the case that speaks to the solid underlying fundamentals currently underpinning the new home market, stated Wells Fargo in a research report. The labor market is the main supporter as job growth has led to the jobless rate to cycle-lows, putting homeownership in closer reach of more people. Homebuilders have recorded the rebound in housing demand in the NAHB/Wells Fargo Housing Market Index that has hovered close to its cycle-high in recent months. “We expect new home sales increased further in April to a 622,000-unit pace, which would be a fresh cycle-high”, added Wells Fargo.

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Support and resistance levels

May 28 at 6:48 UTC