Americans purchased far more new homes in April than expected, a sign that the residential real estate impact of the coronavirus could be less extreme than feared by many forecasters.
Sales of newly-built single-family houses occurred at a seasonally-adjusted annual rate of 623,000, the Commerce Department reported Tuesday. Economists had expected sales to fall to a seasonally adjusted rate of 485,000, according to Econoday.
The March number was revised down to 619,000 from 627,000. February and January were also revised lower.
The supply of homes for sale, meanwhile, held steady at 6.3 months, which is slightly above normal.