After a rebound since the second half of 2011, US new home sales fell back in March. US new home sales dropped from 358 000 to 332 000 in March, followed by a rebound (by 3.3% M/M) in April. For May, the consensus is looking for a slight increase by 0.7% M/M to a total number of 346 000. We have no reasons to distance ourselves from the consensus.