Talk about mixed data. The Commerce Department said on Thursday that new home sales rose in April compared with the prior month, while revising the numbers for March significantly lower.
Sales of single-family homes increased by 0.3 per cent to a seasonally adjusted annual rate of 352,000 compared to the prior month, although on a year-on-year basis sales were 34 per cent lower compared with April 2008.
March sales were revised lower, falling 3.0 per cent to an annual rate of 351,000. The Commerce Department had originally said sales in March fell 0.6 per cent to 356,000.
Nor does the trend in house prices inspire confidence. The median price fell by 14.9 per cent last month to $209,700, compared with $246,000 in April last year. The average price fell 19.2 per cent to $254,000 versus $314,300 a year ago. In March, the median price was $202,200 and the average was $257,100, the commerce department said.
In terms of supply, the inventory of homes available for sale in April fell 4.2 per cent to 297,000, an eight-year low.
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