US new-home sales fell 11.4 percent in April, most in 2 yrs
WASHINGTON - U.S. sales of new homes last month registered the biggest drop in more than two years.
The Commerce Department says new-home sales skidded 11.4 percent in April to a seasonally adjusted annual rate of 569,000. It was the biggest monthly drop since March 2015.
Economists had expected a more modest retreat from March sales of 642,000, which were the highest since October 2007. Sales in April were still up 0.5 percent from a year earlier.
Sales fell in every region, led by a 26.3 percent plunge in the West, the biggest drop there since October 2010.
The median sales price of a new home slid 3 percent to $309,200.
There were 268,000 new homes on the market in April, the most since July 2009.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Governor Edwards gives updates on Tropical Storm Cindy
INVESTIGATIVE UNIT: Convicted former CATS Board member involved in more questionable activities
Volunteers help St. Martin Parish residents prepare for Tropical Storm Cindy
DPW cleaning out ditches in EBR as Tropical Storm Cindy approaches
EBR Sheriff stationed rescue vehicles ahead of storm