New-Home Sales Actually Increased

Month-over-month April new-home sales were up 0.6 percent after a downturn that took place from the outbreak of COVID-19.

Says Zillow: “The coronavirus pandemic has generated any number of nasty surprises over the past few months, but the unexpected strength in April new home sales may be the first pleasant surprise yet — and the clearest indicator so far that housing, so unlike the last time around, will be a source of relative strength during this downturn. New home sales are often a more current measure of activity than existing home sales, and it seems clear that after some initial wobbliness, the market has certainly stabilized.”