April New Home Sales Up 10% Over Past 12 Months

New home sales rose 3.3% in April—better than expected—as forecasters were cautious after a 7.3% drop in March.

The Census Bureau reported Wednesday that sales of newly built single-family homes rose to a 343,000 seasonally adjusted annual rate in April from a 332,000 rate in March.

Sales in March and February were revised upward by 4,000 and 5,000 units, respectively.

Purchases of new homes jumped roughly 25% month-over-month in the Midwest and West, and fell 10% in the South. Sales in the Northeast rose nearly 8%.

Wall Street analysts had forecast that new home sales would come in at a 330,000 to 335,000 seasonally adjusted annual rate. Overall, new home sales are up 10% from April 2011.

 

Article source: http://www.nationalmortgagenews.com/dailybriefing/april-new-home-sales-1030598-1.html

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