New-Home Sales Rise

Sales of newly constructed single-family homes rose 1.7% in April, and the peak homebuying months -- March and April -- have now posted equally strong results.The U.S. Census Bureau reported that new-home sales rose from a seasonally adjusted annual rate of 1.01 million in March to 1.03 million in April. The April sales pace is up 12.2% from April of last year. "During the key sales season, things are very positive," said economist Michael Carliner of the National Association of Home Builders. Mr. Carliner noted that interest rates are low, consumer confidence is improving, and the war in Iraq is over. In addition, builders are very positive about the outlook. "There is no indication that things are getting soft" in the housing market, he said.