Sales of newly built homes were flat in April, but are now 7 percent above the rock-bottom lows of January, another indication the three-year housing downturn could be ending.
The Commerce Department said Thursday that sales rose 0.3 percent in April to a seasonally adjusted annual rate of 352,000. But the increase came from a downwardly revised rate of 351,000 in March.
“It’s still tough to be a builder,” wrote economist Joel Naroff of Naroff Economic Advisors. “New home sales remain near the bottom.”
The median sales price fell to $209,700, down almost 15 percent drop from a year earlier, but up nearly 4 percent from March. Prices are likely to remain weak for months as builders try to price their stock of unsold homes against bargain-priced foreclosures.
Click here to read the full article…
