U.S. new home sales rebound in April
US new-home sales rebounded in April after falling the prior month, official data showed Wednesday in mounting early signs of recovery in the collapsed housing market.
The Commerce Department reported new-home sales at a seasonally adjusted annual rate of 343,000, an increase of 3.3 percent from the upwardly revised March rate of 332,000.
The April number marked a 9.9 percent increase from April 2011, as the housing market slowly improves six years after the collapse of a price bubble.
In unadjusted data, 33,000 new homes were sold in April, the best month for builders in two years.
Home prices also headed higher. The median price was $235,700, up 0.7 percent from March and 4.9 percent from 12 months ago.
The upbeat data continued the improvement seen in the existing-homes market, the lion’s share of the US housing sector.
Sales of previously occupied homes rose 3.4 percent to an annual rate of 4.62 million in April, and were 10 percent higher than a year ago, the National Association of Realtors said Tuesday.
NAR noted that sales were no longer due to investors taking advantage of depressed housing prices, and that some areas have become a seller’s market.
[A sold sign is posted on a fence in front of a newly constructed home in Danville, California in 2011. AFP Photo/David Paul Morris]