New U.S. Home Sales Rose to Second-Highest Level Since 2008
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Sales of new U.S. homes climbed in April to the second-highest level in almost five years as lower borrowing costs and job gains drew more buyers into the market.
Purchases (ETSLTOTL) rose 2.3 percent to an annualized pace of 454,000 homes from 444,000 in March that was faster than first estimated, the Commerce Department said today in Washington. The median estimate of 76 economists surveyed by Bloomberg called for a gain to 425,000. The data included revisions back to January 2011. The median selling price rose to a record on sales of more expensive properties.
Demand for new and previously owned homes is sustaining progress in residential construction that is poised to keep fueling the economic expansion. Builders such as PulteGroup Inc. (PHM), home-improvement retailers like Lowe’s Cos. and lenders are benefiting from higher property values, lower mortgage rates and a pickup in household formation.
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