In another upbeat sign for the U.S. housing market, the Commerce Department released a report on Thursday showing that new home sales came in well above economist estimates in the month of April.
The report showed that new home sales climbed 2.3 percent to a seasonally adjusted annual rate of 454,000 in April from the revised March rate of 444,000.
Economists had expected new home sales to rise to an annual rate of 425,000 compared to the 417,000 originally reported for the previous month, reflecting a 1.9 percent increase.
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