New home sales on the rise

By: Matt McGovern Email
By: Matt McGovern Email
Sales of new homes rose 6.4 percent last month as people took advantage of lower mortgage rates.

April sales of new homes surged in the Midwest and rose in the South.

(NBC) - New home sales rose more than expected in April, the Commerce Department reported Friday.

Sales of new homes rose 6.4 percent last month as people took advantage of lower mortgage rates.

The Commerce Department said sales of new homes rose to a seasonally adjusted annual rate of 433,000 units, up from 407,000 in March.

Sales of new homes had slumped during the past two months.

April sales, meanwhile, rose more than expected and the inventory of available houses hit a three-and-a-half-month high, signs that the housing recovery could be regaining steam.

April sales of new homes surged in the Midwest and rose in the South.

They were flat in the West and dropped in the Northeast.


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