India, May 23 -- 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.
Economists had expected new home sales to tumble by 4.4 percent to a rate of 692,000 from the 724,000 originally reported for the previous month.
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 skyroc...