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New Home Sales Up Again in April

Lifted by a race to cash in on the expiring home buyer tax credit, new home sales for April increased 14.8% to a seasonally adjusted annual rate of 504,000. The April estimate was also 41.8% above the April 2009 estimate of 341,000. The effective cutoff for the federal home buyer's tax credit of up to $8,000 was April 30. Regionally, the Midwest increased 31.6%, the South increased 10.8%, and the West increased 21.7% for April, while the Northeast remained flat.

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