New-home sales in April surge to highest level since 2008

Washington

PURCHASES of new homes in the US surged in April to the highest level since the start of 2008, pointing to a robust spring selling season for builders.

Sales jumped 16.6 per cent to a 619,000 annualised pace, and purchases in the first three months of the year were revised higher, Commerce Department data showed on Tuesday. The rate exceeded the most optimistic forecast in a Bloomberg survey. The median sales price climbed to a record, reflecting a pickup in signed contracts for more expensive properties.