Sales and prices of new single-family homes in April trailed their year-ago levels by double digits, according to estimates released today by the U.S. Census Bureau and the Department of Housing and Urban Development. The seasonally adjusted annual rate at which new one-family homes sold last month was 981,000, down approximately 10.6 percent from a year ago when the rate was 1.09 million units. This rate is based on the projection of a monthly sales total over a 12-month period, adjusted to account for seasonal fluctuations in sales activity. Despite the decline, April's sales rate rose approximately 16.2 percent from March's downwardly revised rate of 844,000, according to the report. The median sales price of new single-family homes sold in April fell to $229,100, down from $257,000 a year earlier and off from $257,600 in March -- declines that average 11 percent. The seasonally adjusted estimate of new houses for sale at the end of April was 538,000, which represents a s...
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