US new home sales surpassed March estimates, reporting 693,000 sales month-over-month while falling 2% on an annual basis. The inventory crunch and relatively high property loan rates have subsequently put a bind on the US housing industry, which may be opening up more buying opportunities for new homes.
Additionally, S&P Global’s US Manufacturing Purchasing Managers’ Index (PMI) fell below estimates with a reading of 49.9 for April.
Yahoo financial’s Seana Smith and Madison Mills break down the fresh data prints.
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