Monday, June 05, 2006

New Home Sales Skyrocket in AprilThe fastest sales pace this year was recorded this past April. The Commerce Department reported last week new single family home sales increased 4.9 percent last month to a seasonally adjusted rate of 1.198 million units, the highest rate since last December. Economists had previously forecast a decline in sales for April and said the decrease did not occur because the government had lowered sales activity tremendously in past months. Economists also noted the remaining number of unsold homes on the market for this month was the highest on record which they predict will lower prices in the future. The national median price of a home sold in April was $238,500, a small increase of 0.9 percent since April of 2005. Sales were up in all areas of the country except for the Midwest where sales fell 1.1 percent. The Northeast showed an increase of 8.2 percent, followed by the South with 7.8 percent and two percent in the West.
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