New-Home Sales Inch Up to Record

Sales of new single-family homes rose slightly in April to a record seasonally adjusted annual rate of 1.32 million units from the downwardly revised rate of 1.31 million in March, according to figures released Wednesday by the Commerce Department.The latest number represents a record rate, even though it falls below the originally reported rate of 1.43 million units in March. The April rate was 13.3% above the revised April 2004 estimate of 1.16 million. The median sales price of new houses sold in April stood at $230,800, and the average sales price was $283,500, the department said. The estimate of new houses for sale at the end of April was 440,000, representing a 4.1-month supply at the current sales rate. The Commerce Department can be found on the Web at http://www.doc.gov.