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.

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