Home Sales Still Robust Despite Drop

Economy

April new home sales data show the housing market is still showing resiliency at current levels, despite falling 7.7 percent for the month, economists said.

The rate of new home sales in April was reported at 772,000 units or down 7.7 percent. March’s rate of sales was revised to up 2.5 percent to 836,000 units from an originally reported level of 813,000 or down 2.5 percent.

“Seven hundred and seventy two thousand is still a very strong level of housing sales by historical standards,” said David Berson, chief economist with Fannie Mae.

In other reports this week:

The Commerce Department said orders for durable goods increased 1.4 percent to $175.6 billion in April, beating expectations.

The Conference Board reported that consumer confidence in the economy hit a 28-year high in May.

The National Association of Realtors said sales of previously owned homes fell 2.4 percent in April.