US New Home Sales: Bounce in March and positive revisions - Wells Fargo

Analysts at Wells Fargo, see that the 4% increase in New home sales in March to a 694,000-unit pace showed sales were stronger than previously reported in February, as the slight decline was revised up to a 3.6% gain. 

Key Quotes: 

“New home sales increased 4.0 percent in March. The 694,000-unit pace this month came in well above consensus. Sales have been much stronger than previously indicated to start 2018, as both January and February sales were also revised up.”

“The revisions bring new home sales in line with the much more optimistic home builder confidence readings, which remain near cycle highs. The West Continues to Boom.”

“Even with the revisions, the harsh weather is still evident in the data, as new home sales in the Northeast declined sharply in March and now trail their year-ago pace through March.”