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May 25, 2007
New-Home Sales Surge -- but Don't Celebrate Yet
New-home sales jumped 16% in April -- the biggest percentage increase since 1993 -- but despite the positive news, sales and construction activity may not have hit bottom yet. The U.S. Census Bureau reported new single-family home sales rose from a seasonally adjusted annual rate of 844,000 in March to 981,000 in April. The April sales pace is off by 10.6% since April 2006. The rebound represents the first increase in new-home sales this year, and it "definitely is a very positive number," said Adam York, an economic analyst at Wachovia Corp. But the economist said he would not be surprised to see a downward revision in the April number or a decline in sales in May.
Posted by S. Germain at May 25, 2007 07:50 AM