U.S. data reviewed: home sales positive, manufacturing not so – ANZ

By FXStreet U.S. data was reviewed by analyst sat ANZ, noting the positive homes sales data, but highlighting manufacturing disappointments.

Key Quotes:

New home sales surged by 16.6% m/m to a 619,000 annualised in April. This was well above the 520,000 market expectation and the highest level since January 2008. The three previous months were also revised higher: March sales were revised up to 531,000 (initial: 511,000); February sales up to 538,000 (initial: 519,000); and January sales to 526,000 (initial: 521,000).

The April surge was led by a 52.8% jump in the Northeast region to 55,000, the strongest pace for the region since October 2007. Sales in the South were up 15.8% to 352,000, the strongest pace since December 2007. Sales fell 4.8% in the Midwest and rose 18.8% in the West. The supply of new homes for sale fell to 4.7 months from 5.5 months in March. The median sales price rose by 7.8% m/m, or 9.7% y/y, to $321,100, following a 2.8% fall in March.

Richmond Fed manufacturing came in below expectations at -1 (mkt: 8; last: 14). However, the release noted that despite the soft current conditions, firms remained optimistic about future business conditions. Expectations in May were little changed from …read more

Source:: FX Street