Thursday, May 28, 2009
The government says new U.S. home sales were almost flat last month, indicating that the housing market's recovery will likely be a slow and gradual process.
The Commerce Department said Thursday that sales rose 0.3% in April to a seasonally adjusted annual rate of 352,000. But the increase came from a downwardly revised rate of 351,000 in March.
April's results missed the expectations of economists surveyed by Thomson Reuters, who expected a sales pace of 360,000 units.
The median sales price fell to $209,700, a 14.9% drop from a year earlier. Sales were down 34% from April 2008.