New home sales at 4-month high, supply drops

WASHINGTON (Reuters) – New single-family home sales rose unexpectedly in April to notch their second straight month of gains and prices increased, offering some hope for the stagnant housing market.

The Commerce Department said sales increased 7.3 percent to a seasonally adjusted 323,000 unit annual rate, the highest level since December, from a slightly upwardly revised 301,000-unit pace in March.

Economists polled by Reuters had forecast new home sales unchanged at a previously reported 300,000-unit rate. All four regions recorded gains in sales, with the West reporting a 15.1 percent rise.

However, compared to April last year sales were down 23.1 percent.  Read more

Categories: Economics, United States

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