US new home sales rebound in April

The U.S. Commerce Department reported Friday that lower prices lifted the new home sales from persistent declines in April. Sales of new single-family homes jumped 6.4 percent in April to a seasonally adjusted annual rate of 433,000, compared with an upwardly revised annual pace of 407,000 in March. The median sales price of new houses fell 2.1 percent to 275,800 U.S. dollars. The seasonally adjusted estimate of new houses for sale at the end of April was 192,000 units, which represented a supply of 5.3 months at the current sales rate, a lower level compared to that at the end of March. New home sales, though accounting for only a small share of total sales in the housing market, still have an important impact on job creation and household consumption. Housing market has been hindered by rising home prices and higher mortgage rates since the beginning of last year, posing threats to overall economic recovery. A separate report from the National Association of Realtors showed Thursday that U.S. sales of previously owned homes, which account for about 90 percent of total home sales, showed moderate improvement in April, as improved inventory expanded choices and sales.