Money Matters - Simplified

Home sales jumped in April

Was, D.C. -- Sales of new single-family homes jumped sharply for the second consecutive month in April, the U.S. Commerce Department said Wednesday.

Sales rose 14.8 percent compared to March. A month ago, Commerce said sales surged 26.9 percent compared to February.

In April, the annual rate of home sales reached 504,000, up from a revised figure of 439,000 a month ago.

Sales in April were 47.8 percent higher than a year ago, as homebuyers rushed to get paperwork done in time for the April 30 deadline for a federal tax credit.

The department said the median sales price for new homes in April was $198,400, down from $214,000 a month ago. The average sales price for new homes was $249,500 in April, down from $258,600 in March.

At the end of April, an estimated 211,000 new homes remained on the market, a five-month supply at the current rate of sales.

Copyright 2010 United Press International, Inc. (UPI).

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