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U.S. April new home sales up 7.3%

U.S. April new home sales up 7.3% (by Greg Robb)

WASHINGTON (MarketWatch) - U.S. new home sales rose 7.3% in April, the Commerce Department estimated Tuesday. The increase in new-home sales to a seasonally adjusted annual rate of 323,000 was well above the 295,000 pace expected by economists surveyed by MarketWatch. New-home sales in March rose a revised 8.3% to a 301,000 level compared with the previous estimate of an 11.1% rise to 300,000. New-home sales are down 23.1% compared with a year ago. The supply of new homes fell 2.8% to a record low 175,000. The supply in relation to sales fell to 6.5 months in April from 7.2 months in March. Median sales prices have risen 4.6% in the past year to $217,900.