New Home Sales Up 16.2% in April

The U.S. Census Bureau and the Dept. of Housing and Urban Development released estimates that new-home sales were up unexpectedly by 16.2% in April. Regionally, the South (who has been so depressed the past few months) was up 27.8%. The West was up 8.5% and the Northeast was up 3.8%. The only area still showing negative growth was the Midwest where sales were down by 4.0%.

NAHB Chief Economist David Seiders says they are viewing the large jump in April with a lot of caution and the favorable weather swings in South may have led the favorable bump. But, he also said "The first quarter may well have marked the low point for sales volume in the dramatic housing correction that began in the latter part of 2005. We are currently looking for a gradual recovery process going forward, at least on a quarterly basis, " said Seiders.

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