New Home Sales Down: The Commerce Department...

New Home Sales Down: The Commerce Department reported that new home sales plummeted in April to their lowest level since the nation’s economy emerged from the 1981-82 recession. Analysts attributed the fifth consecutive monthly decline to continued double-digit mortgage rates. The report said new home sales totaled a seasonally adjusted annual rate of 546,000 units in April, the smallest number since 521,000 units were sold in December, 1982. New home sales in the were down 6.4% in the West. The median price jumped 13.8%, to $135,900, while the average price increased 11.2%, to $160,200.