BUSINESS

US new-home sales jump in April

Staff Writer
Columbus CEO

WASHINGTON (AP) — More Americans bought new homes in April — fresh evidence that the improved job market is powering the real estate sector.

The Commerce Department says new-home sales climbed 6.8 percent last month to a seasonally adjusted annual rate of 517,000. Sales recovered from an annual pace of 484,000 in March.

Purchases of new homes are volatile on a monthly basis, although sales during the first four months of 2015 are 23.7 percent higher than in 2014. Employers have added 3.1 million jobs over the past year, with those new paychecks starting to trickle into housing.

Sales increased in the Midwest and South last month, while slumping in the Northeast and West where prices are generally higher.

The median sales price has risen 8.3 percent since April 2014 to $297,300.