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New Home Sales Up

New home sales for April increased 3.3% to 343,000. This is up from the upwardly revised number of 332,000 in March. For the last 3 months, new home sales have averaged 344,000. This is up 14% over the same period last year.

The New Home Sales report shows the number of newly constructed homes with a committed sale during the month. It is compiled through nationwide survey of 10,000 builders/owners of 15,000 building projects and through sampling of permit-issuing offices, as well as land not covered by building permits. The data is timely and is used in conjunction with the existing home sales release from the National Association of Realtors. The level of new home sales indicates housing market trends, and economic momentum signaling consumer purchases of furniture and appliances. Simply, the volume of sales indicates housing demand.