April New-Home Sales Higher Than Expected

Washington, DC, May 23, 2014 -- New-home sales rose in April for the first time in three months thanks largely to a surge in the Midwest, according to the Commerce Department.

Sales rose 6.4 percent to a 433,000 annualized pace from a revised 407,000 in March.

It was the largest increase since October.

Economists called for the rate to rise to 425,000.

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