New-Home Sales Surge in Northeast

REALTOR® Magazine Online Edition Daily Real Esate News for May 28, 2008 reports:

Sales of new homes were up 3.3 percent in April, the first increase in six months, according to the U.S. Commerce Department’s monthly report.

The rebound reflected a 41.7 percent surge in demand in the Northeast. Sales were up 8.3 percent in the West and 5.8 percent in the Midwest. They fell by 2.4 percent in the South.

The inventory of unsold new homes was down slightly to 10.6 months’ supply at the April sales pace, compared with 11.1 months in March.

The increase brought sales to a seasonally adjusted annual rate of 526,000.

The median price of new homes sold in April fell to $246,100, down 4.2 percent compared with April 2007.

Source: The Associated Press, Martin Crutsinger (05/27/08)