New Home Sales Rose In April
More good news! The U.S. Commerce Department reported yesterday that sales of new single-family homes rose 3.3 percent nationally in April. This was the first increase in new-home sales since October, and the results exceeded economists’ expectations. Even better, the April rebound was led by a huge 41.7 percent surge in sales in the Northeast. The report also indicated that the supply of new homes available for sale in April fell 2.4 percent, the 12th straight monthly decline. The April sales pace put new-home inventory at 10.6 months.
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