New Home Sales Surge in April to Two-Year High

Washington, DC, May 26, 2010--New home sales rose 14.8% in April to their highest level since May 2008, the Commerce Department estimated Wednesday.

The increase in new-home sales to a seasonally adjusted annual rate of 504,000 was well above the 425,000 pace expected by economists.

New-home sales in March were revised to a 439,000 level compared with the previous estimate of 411,000. New-home sales are up 47.8% compared with a year ago.