Mumbai, May 26 -- The Commerce Department released a report on Friday showing new home sales in the U.S. in the month of April spiked compared to a significantly downwardly revised level in March.
The report said new home sales soared by 10.9 percent to an annual rate of 743,000 in April after jumping by 2.6 percent to a downwardly revised rate of 670,000 in March.
With the sharp increase during the month, new home sales surged to their highest annual rate since hitting 788,000 in February of 2022.
The spike by new home sales partly reflected strength in the Midwest, where new home sales skyrocketed by 35.5 percent to an annual rate of 84,000.
New home sales in the South also shot up by 11.7 percent to an annual rate of 478,000, while n...