New home sales fall less than expected in April

Sales of new U.S. single-family homes fell less than expected in April, but data for the last three months was revised lower.

The Commerce Department said on Wednesday new home sales dropped 1.5 percent to a seasonally adjusted annual rate of 662,000 units last month. March’s sales pace was revised down to 672,000 units from the previously reported 694,000 units.

Economists polled by Reuters had forecast new home sales, which account for about 11 percent of housing market sales, falling 2.0 percent to a pace of 679,000 units in April.

The government also revised sales data going back to 2013. The benchmark revisions showed sales in the first three months of the year not as strong as previously reported.

New home sales are drawn from permits and tend to be volatile on a month-to-month basis. They rose 11.6 percent from a year ago.