The Commerce Department reported a 16.2 percent jump in new home sales in April coupled with an 11.1 percent decline in the median price. These data are very erratic, so both numbers should be viewed with considerable skepticism. Most of the news reports seemed to get this fact, although USA Today was perhaps overly cheery with its article headlined. "New Home Sales Jump in April as Prices Dip."
For the record, the sharp fall in prices is the more unusual part of this picture. Clearly part of the story is a regional effect, with the low-cost south reporting a huge 27.8 percent jump in sales. That can have a substantial impact on prices.
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