New Home Sales, which measures signed contracts on new homes, were down 6.9% in April, which was weaker than the 3% drop expected…but this doesn’t tell the whole story. The March report was revised significantly higher. When factoring in the revision, sales were only down 2.8%, which was in line with expectations. Diana Olick and the media would have you believe that this was a very weak report and that housing is dead. Keep in mind that Sales are still up a solid 7% year over year.