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New Home Sales Up 0.2 in April

Orders for durable goods increase a seasonally adjusted 1.9% to $200.3 billion last month after falling 1.6% in March.Sales of new homes rose 0.2% in April to a seasonally adjusted annual rate of 1.32 million units, the Commerce Department said Wednesday.

Separately, the Commerce Department said orders for durable goods increased a seasonally adjusted 1.9% to $200.30 billion last month after falling 1.6% in March.

The increase in new-home sales was a new record from a downwardly revised 1.31 million rate in March, earlier estimated at 1.43 million units.

The average price was $283,500, the same as in March, but the median price was $230,800, up 6.1% from a revised $217,500 in March. An estimated 440,000 homes were actually sold in April, up from 439,000 in March.

Sales rose 37.2% in the Northeast and 2.8% in the West. Sales fell 0.5% in the Midwest and 5.3% in the South. The inventory of homes on the market remained at a 4.1 months’ supply.

In its report on orders for durable goods, the Commerce Department said the increase was mainly due to an 8.2% jump in transportation orders, which fell 6.5% in March. Excluding the volatile transportation category, orders for durable goods were down 0.2%.

Elsewhere the report showed orders for capital goods increased 1.9% after falling 2.1% in March, while orders for nondefense capital goods rose 3.8%. Durable-goods inventories rose 0.1% after rising 0.5% in March. Unfilled orders were flat. Shipments advanced 1.6%.

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