U.S. Homebuilders Defy Expectations With Gain in New-Home Sales

June 1, 2020
Prashant Gopal, Bloomberg

Last decade, housing crashed the U.S. economy. But in the 2020 pandemic, it could be one of the bright spots.

New home sales unexpectedly climbed 0.6% in April to a 623,000 annualized pace, government data showed Tuesday. That was 30% higher than the median forecast in a Bloomberg Survey of economists of 480,000. The news sent the shares of homebuilders surging, with an index that tracks the industry hitting the highest level since March 9.



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