New Home Sales Rise

Washington, DC, May 24, 2011--Sales of new single-family homes rose to a seasonally adjusted rate of 323,000 in April, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

This number is 7.3% above the revised March rate of 301,000.

The median sales price of new houses sold in April was $217,900, while the average sales price was $268,900.

April 2010's rate was 23.1% below April 2010's estimate of 420,000 homes.

When it was reported that housing starts fell by 11% in April, experts expressed fear that buyers, wary that foreclosures would continue to drive down property values, would maintain their preference for previously-owned dwellings over new homes. Today's news brings hope for U.S. home builders that this trend is lifting.

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