US sales of new homes slipped 1.5% in April
Updated : May 23, 2018 09:01 PM IST
The Commerce Department said Wednesday that new homes sold last month at a seasonally adjusted annual rate of 662,000.
Momentum in the US housing market has overcome even a supply shortage because mortgage rates remain near historic lows.
In April, new-home sales tumbled 7.9% in the West and were essentially unchanged in the Midwest and South.
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