U.S. new home sales fall sharply in April
WASHINGTON (CBS.MW) - Sales of new homes in the United States fell 11.8 percent in April to a seasonally adjusted annualized rate of 1.09 million, the Commerce Department estimated Wednesday. This is the largest monthly decline in home sales since January 1994. Sales are now at their lowest level since last November. The decline was much larger than expected. Economists surveyed by CBS MarketWatch were expecting a sales rate of about 1.19 million in April. Estimated sales in March were revised slightly higher to a record annual rate of 1.24 million from 1.23 million. The number of new homes for sale on the market rose about 1.8 percent to 387,000, representing 4.3-months of sales at the April pace. New-home sales plunged about 22 percent in the South to 460,000. This is the largest monthly decline since April 1980. Sales also fell in the West and Northeast but rose in the Midwest. The median sales price rose 16.7 percent year-over-year to $221,200.
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