New home sales surge more than expected

New home sales surged 16.6% at a seasonally adjusted annual rate of 619,000 in April, according to the Census Bureau.

Economists forecast that sales of new single-family homes rose 2.4% at a seasonally adjusted annual rate of 523,000 according to Bloomberg.

This is the first of several housing-market data out this week; others include FHFA house prices and pending home sales.

New home sales fell 1.5% at a rate of 511,000 in March, mostly because of weakness in the West, where home prices are rising faster than virtually anywhere else.

We'll have the latest details at the top of the hour, so refresh this page for updates.

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