U.S. Commerce Department Reports Rise in New-Home Sales
May 28, 2003
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According to a report yesterday from the U.S. Commerce Department, sales of new single-family homes rose 1.7 percent in April to a seasonally adjusted annual rate of 1.03 million units. April was reportedly the third time this year that new-home sales rose above the million-unit mark.

According to Kent Conine, president of the National Association of Home Builders (NAHB), the data provides "solid evidence of the confidence that buyers continue to have in homes as investments." Mr. Conine added, "The news also bodes well for the remainder of the spring home buying season and beyond because there has been another downshift in mortgage interest rates and a further boost in consumer confidence since April."

The report from the Commerce Department illustrates an increase in new-home sales in three out of four regions in the U.S. during April. The Midwest gained 13.4 percent, the South gained 0.6 percent, and the West gained 4.3 percent. According to the report, shifting weather patterns caused fluctuations for several months in the Northeast, and sales fell nearly 18 percent.

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