U.S. New Home Sales Come In Above Estimates In April

(RTTNews) - After reporting a steep drop in U.S. new home sales in the previous month, the Commerce Department released a report on Friday showing that new home sales rebounded strongly in the month of April and came in above analyst estimates.

The Commerce Department said new home sales jumped 6.4 percent to a seasonally adjusted annual rate of 433,000 in April from the revised March rate of 407,000. Economists had expected new home sales to climb to a rate of 420,000.

The revised rate for March represents a substantial upward revision from the 384,000 originally reported, although it still represents a six-month low.