More Americans bought new homes in April — evidence that the stronger job market is helping the housing market. The Commerce Department said Tuesday that new home sales climbed 6.8 percent last month to a seasonally adjusted annual rate of 517,000. Sales recovered from a 10 percent dip in March to an annual pace of 484,000. In addition, the Standard & Poor’s/Case-Shiller 20-city home price index rose 5 percent in March from 12 months earlier, S.&P. said Tuesday. Prices increased at the same pace in February. Home values are rising at a faster rate than incomes, potentially pricing many would-be buyers out of the market. But the increases have moderated from the double-digit gains of late 2013 and early last year.
Source: NY Times
