Sales of New Homes in U.S. Rose in April for Second Month

Purchases of new houses rose in April for a second month as the market struggled to recover from a record low.

Sales climbed 7.3 percent to a 323,000 annual pace last month, figures from the Commerce Department showed today in Washington. The median estimate in a Bloomberg News survey of economists called for sales at a 300,000 annual rate. New houses sold at 278,000 rate in February, matching the pace in August as the lowest in data going back to 1963.

Job gains and increased affordability may be starting to help underpin a housing market that’s lagged behind the rest of the economy. Nonetheless, the prospect that foreclosures will keep driving down property values means that buyers may continue to favor previously owned dwellings, indicating it will take years for builders like D.R. Horton Inc. to see a full recovery.

Read Full Article from Bloomberg

- Posted: 2011-05-24 10:10:23

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