NEW YORK (CNNMoney.com) -- New home sales rose unexpectedly in April but remained near historically low levels, according to a key government report on the battered housing market.
April sales came in at a seasonally adjusted annual rate of 526,000, a Census Bureau report showed, up 3.3% from a revised 509,000 in March. The reading was above the consensus forecast of 520,000, according to economists surveyed by Briefing.com.
Home sales were down 42% from a year earlier. April's reading was the second-lowest annual rate since October 1991, behind March of this year. April's reading matched the initial number for March, but March's reading was revised down in the April report.
The median price of a new home sold in April was $246,100, up 1.5% from $242,500 a year earlier.
This slight bump probably doesn't accurately capture the weakness in prices for new homes, since about three out of four builders have reported having to pay buyers' closing costs or offer other incentives such as expensive features for free in order to maintain sales.
Prices have been driven down recently by the glut of new homes on the market.
The report showed 181,000 completed new homes available at the end of the month, bringing total inventory - including new homes under construction and not yet started - to 456,000, equal to a seasonally adjusted 10.6-month supply.
The report is the latest sign of trouble in the overall housing market.
Friday, the National Realtors Association reported existing home sales fell to near-record lows in April, and an Office of Federal Housing Enterprise Oversight report said Thursday the prices of homes sold in the first quarter of 2008 posted a record decline. See Also
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