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FRI - Housing Outlook Remains Weak While Labor Market Stays Strong
First Trust S&P REIT Index Fund
By Robert Hughes
Sales of new single-family homes fell 6.9 percent in April to a seasonally adjusted annual rate of 673,000, down from a multiyear high of 723,000 in March. Sales had posted three monthly gains in a row after hitting a low of 564,000 in December (see top chart). Sales are up 7.0 percent from a year ago.
Sales fell in three of the four regions, with only the Northeast - the smallest region by volume - posting a gain. Sales rose 11.5 percent in the Northeast to a 29,000-home rate versus 26,000 in