Last week's economic news included readings on sales of new and pre-owned homes; weekly readings on mortgage rates and first-time jobless claims were also released. Sales of New and Pre-Owned Homes Lower in April Sales of brand-new homes fell nearly seven percent in April according to Commerce Department reports. Analysts noted that March sales of new homes were revised upward, which contributed to the difference between March and April readings. 673,000 new homes were sold in April on a seasonally adjusted annual basis. Analysts expected a reading of 670,000 sale of new homes; this reading was based on the initial…

Last week's economic reports included readings from the National Association of Home Builders on housing market conditions, housing starts and building permits issued. Consumer sentiment was reported along with weekly readings on mortgage rates and new jobless claims. NAHB: Builder Confidence Rises in May, Housing Starts Increase in April The National Association of Home Builders Housing Market Index posted its highest reading in seven months in May as headwinds facing home construction waned. Lower mortgage rates were a positive sign. May's reading rose three points to 66; component readings also rose. The index of builder confidence in current housing market conditions…

Last week's economic news included readings on job openings and inflation. Weekly reports on mortgage rates and first-time jobless claims were also released. April Inflation Falls Short of Expectations The Consumer Price Index for April fell by 0.10 percent to 0.30 percent. Analysts expected a reading of 0.40 percent, which hatched the March reading. The Core Consumer Price Index excludes volatile food and fuel sectors; core inflation grew by 0.10 percent in April, which matched the March reading and fell short of the expected growth rate of 0.20 percent. The Federal Reserve has set an annual inflation rate of 2.00…