US April new home sales rise 16 pct to 981,000 annual rate |
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Thu, 24 May 2007 15:25
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WASHINGTON (Thomson Financial) - US sales of new homes rose 16.2 pct last month to to an annual rate of 981,000 units, way above expectations for an 861,000 rate, the Commerce Department reported today.The median price of a new home last month fell an annual 11 pct to 299,100 usd.Economists have been expecting the weakness in housing to show up in new home sales figures, but they have also contended that builders needed to cut prices to move their unsold inventory. That appears to be part of what happened last month.Sales also normally pick up in the spring as weather warms up. April was unusually cool this year and the sales increase was concentrated in the South, where they rose 28 pct.Despite the unexpected revival in new home sales, they still remained 11 pct below the 1.1 mln annual rate in April of last year.dennis.moore@thomson.comdem/wash/ppCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Home sales rate fell 6.6 percent in 1Q 