New home sales rise in April The national real estate market was surprised by an increase in the number of new single-family homes sold around the country in April. The Commerce Department released sales data for the entire country on Tuesday.
According to the data, sales of new homes in April rose by 3.3 percent. However, the improvement came after one of the slowest markets during March since 1991. The improvement in sales led to a seasonably adjusted annual rate of 526,000 homes that the Commerce Department expects to be sold this year. In March, the annual rate stood at 509,000, the lowest since 1991.
The increase in sales may have come about as a result of falling prices for new single-family homes nationwide. The April median sales price for a new home fell 4.2 percent from the same month last year to $246,100.
Sales in the Midwest region were up even more than the nationwide average. The Midwest saw an increase of 5.8 percent in April. The Northeast region saw an incredible 41.7 percent increase in the number of new homes sold in April, leading the national real estate market to its first increase in sales in six months.
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