New Home Sales in April Higher Than Expected

Washington, DC, May 23, 2012 -- New single-family home sales rose more than expected in April, according to the Commerce Department.

The government said on Wednesday that sales increased 3.3% to a seasonally adjusted 343,000-unit annual rate after a 332,000-unit pace in March.

Economists had forecast sales at a 335,000-unit rate in April. Compared to April last year, new home sales were up 9.9%.