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New Home Sales (Apr.)

New home sales dropped sharply to a two-year low in April. But while rising mortgage rates are weighing on sales, the drop looks large given the fall in mortgage applications seen so far and may be revised up over the next couple of months. After all, plenty of pent-up demand from the past couple of years will provide some support to sales, and we expect new sales will end the year at around 700,000 annualised.

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