14538 Tue, 05/27/2008 - 11:44am
WASHINGTON–Sales of newly built homes rose in April, to 526,000 from 509,000 in March, a 3.3 percent rise at an annual rate. However, compared with April 2007, in which 857,000 homes were sold, the current figure represents a drop of nearly 37 percent.
Notwithstanding the credit crunch and general decline of the residential real estate market, prices for new homes rose both monthly and yearly.
The U.S. Commerce Department reported this morning that the median price for a new home in April was $246,000, compared with $225,100 in March, and $242,000 last year.
The situation for new homes contrasted with sales and prices of previously owned housing. On Friday, the National Association of Realtors reported that existing home sales fell 1 percent from March, and more than 17 percent over the year.
Although prices for resales were up slightly in April, reaching $202,300, they were down considerably from a year ago, when the median sales price was $219,900.