The U.S. Census Bureau reports that sales of new homes increased 3.3% from March to post a seasonally adjusted annual rate of 526,000 in April. While the reading is near the 17-year low set in October 1991, it is above the 520,000 rate forecast for the period by economists surveyed by Briefing.com. The median price in the period increased 1.5% from the previous April to $246,100 and the supply of homes stood at 10.6 months, reflecting the addition of 181,000 newly completed homes to raise the total inventory to 456,000.
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