Unexpectedly, New Home Sales Increase

Purchasers of new homes last month clearly weren't listening to the economists who predicted rising mortgage rates in the U.S. would keep buyers away.

Sales of new single-family homes in April were at a seasonally adjusted annual rate of 1.198 million, 4.9% above the revised March rate of 1.142 million, the U.S. Commerce Department and the U.S. Department of Housing and Urban Development jointly reported on May 24. April's rate, however, was 5.7% below the April 2005 rate of 1.27 million.

The median new home sales price last month was $238,000; the average price was $298,300.

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