New Home Sales Rise 0.2% in April to Record Pace

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he number of new home sales exceeded expectations for a second straight month, rising 0.2% to a record high annual rate of 1.316 million, the Commerce Department reported Wednesday.

The gain followed a reported 1.313 million rate in March that was less than originally reported, Commerce said.

Analysts had forecast new home sales to rise to an annual rate of 1.325 million for April, Bloomberg reported.

Sales rose in two of four geographic regions, rising sharply in the Northeast by 37.2%, and 2.8% in the West. They fell in the South and Midwest Regions.

New home sales account for 15% of U.S. residential real estate sales.