Bond Market Update

Updated: 23-May-25 10:19 ET
New home sales in April surprise on the upside

Data Recon

  • New home sales surged 10.9% month-over-month in April to a seasonally adjusted annual rate of 743,000 units (Briefing.com consensus 679,000) from a downwardly revised 670,000 (from 724,000) in March. On a year-over-year basis, new home sales were up 3.3%.
    • The key takeaway from the report is that new home sales in April were bolstered by a decline in the median sales price; however, the excitement surrounding the headline beat was muted by the sharp downward revision to new home sales for March. Taking that revision into account, there wasn't a great deal of change in the March-April period compared to what economists knew and expected going into the April report.
  • Yield check:
    • 2-yr: -3 bps to 3.97%
    • 3-yr: -4 bps to 3.94%
    • 5-yr: -4 bps to 4.07%
    • 10-yr: -3 bps to 4.52%
    • 30-yr: -2 bps to 5.04%
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