Sales of new U.S. single-family homes unexpectedly rose in April, but the gains are likely temporary as the coronavirus crisis ravages the economy, unleashing record unemployment.
The Commerce Department said on Tuesday new home sales increased 0.6% to a seasonally adjusted annual rate of 623,000 units last month. Still, the increase left the bulk of March's 13.7% plunge intact. March's sales pace was revised down to 619,000 units from the previously reported 627,000 units.
Economists polled by Reuters had forecast new home sales, which account for about 10% of housing market sales, diving 21.9% to a pace of 480,000 units in April.