US: New Home Sales slump by 16.6% in April after dropping 10.5% in March

Joel Frank Independent Analyst

New Home Sales in the US in April slumped 16.6% MoM, according to the latest data from the US Census Bureau released on Tuesday. That comes after a 10.5% slump in March, reflecting the ongoing impact of the recent sharp rise in mortgage rates. New Homes Sales came in at 591K over the past 12 months to April, well below expectations for 750K and down from March's 709K.

Market Reaction

FX markets do not seem to have reacted to the latest US housing figures, concerning for the US economy though they were. Focus instead has seemingly remained on weak US Service PMI data released a few minutes before, which knocked the DXY back to session lows.

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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