New home sales rise 2.3 percent in April
New home sales rose 2.3 percent over March in April to a seasonally-adjusted rate of 454,000, the highest it’s been since the summer of 2008, our sister site, Equipment World, reported.
Though new home sales increased 29 percent year-over-year in April, economists consider 700,000 to be a healthy level. Economists originally predicted the new home sales rate in April to land at 425,000.
The median price of all homes sold in April was $271,600–8.3 percent higher than in March and 13.1 percent higher than in April 2012.
According to a report from the Wall Street Journal, home prices have risen 10.9 percent, the largest increase in seven years.
Despite such increases, home prices are still 28 percent below their 2006 high.
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