U.S. new home sales unexpectedly rise in April

Sales of new U.S. single-family homes unexpectedly rose in April, but the gains are likely temporary as the coronavirus crisis ravages the economy, unleashing record unemployment.

The Commerce Department said on Tuesday new home sales increased 0.6% to a seasonally adjusted annual rate of 623,000 units last month.

Economists polled by Reuters had forecast new home sales, which account for about 10% of housing market sales, diving 21.9% to a pace of 480,000 units in April.

Source: CNBC

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