WASHINGTON - Sales of new U.S. single-family homes fell from near an 11-1/2-year high in April as prices rebounded and manufacturing activity hit its lowest level in almost a decade in May, suggesting a sharp slowdown in economic growth was underway.
The mixed reports followed data last week showing a decline in retail sales and industrial production in April, which prompted economists to cut second-quarter growth estimates. Sales dropped in the South, the Midwest and West, but surged in the Northeast. Economists polled by Reuters had forecast new home sales, which account for about 11.5% of housing market sales, would decrease 2.8% to a pace of 675,000 units in April. Sales increased 7.0% from a year ago.
The overall housing market hit a soft patch year and has contracted for five straight quarters. Another decline is likely in the second quarter as weak sales cut brokers’ commissions. “The slowdown spreading to the service sector from the manufacturing sector represents a downside risk to overall U.S. economic growth outlook,” said Scott Anderson, chief economist at Bank of the West in San Francisco.
Sales up 7% from last year, 'stumble' because last month was the highest since Oct 2007. Thanks for the negativity .. again.
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