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New-home sales see monthly rise in April

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Sales of new, single-family homes saw a monthly rise in April, the U.S. Census Bureau and Department of Housing and Urban Development reported today. New-home sales increased an estimated 7.3 percent last month from March, to a seasonally adjusted annual rate of 323,000. That's 29.2 percent above the rate in February, when such sales hit an all-time low. Nevertheless, sales fell an estimated 23.1 percent last month compared to April 2010. The South saw the bulk of sales (52 percent), followed by the West (26 percent), the Midwest (13.3 percent), and the Northeast (8.7 percent). The median sales price of new homes rose 4.6 percent year-over-year in April, to $217,900. Unsold inventory of new homes stood at seasonally adjusted estimate of 175,000 at the end of last month -- a 6.5-month supply at the current sales pace. Contact Inman News: Email Letter to the Editor ...