The most recent data released by the U.S. Census Bureau revealed that sales and the median price for new single-family homes both increased during April. This marks the second straight month that both areas have experienced gains.
Overall, home sales grew 7.3 percent from March and totaled 323,000. While this figure is down 23.1 percent from April 2010, the total number of units is the highest since December. The increase comes as good news, as a recent Reuters report, which polled many economists, had expected sales to be stagnant during April.
The median price also jumped, climbing 4.6 percent year-over-year, settling at $217,900. The average price of new single-family homes reached $268,900. In all, 175,000 new homes were available for those seeking relocation, which represents 6.5 months worth of supply.
"[The report] suggests maybe we're beginning to see some signs of stabilization in housing, but it's too early to say we've bottomed out," Gary Thayer, chief macro strategist at Wells Fargo Advisors in St. Louis, Missouri, told Reuters.
Furthermore, Reuters reports that the government is expected to announce this week that the economy grew by a 2.1 percent annual rate during the first quarter of 2011.