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Home Sales
Comments 0 | Recommend 0WASHINGTON (AP) - The government says sales of new homes rose in April for the first time in six months. Even with the unexpected increase, sales remained at a depressed level.
The Commerce Department reports that sales of new homes rose 3.3 percent in April to a seasonally adjusted annual rate of 526,000 units.
At the same time, March activity was revised lower to show an even bigger drop of 11 percent to the weakest sales pace since April 1991. Economists believe that new home sales will remain weak for some time as the housing industry struggles with falling prices and rising mortgage foreclosures, dumping more homes on an already glutted market.
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