New-Home Sales Post Surprise April Climb

New-home sales rose unexpectedly in April but remained near their lowest level since 1991, according to new government data released Tuesday.

In other, weaker housing news, the S&P Case-Shiller Index showed housing prices across the country fell 14.1% in the first quarter vs. a year ago.

Sales of new homes totaled an annualized rate of 526,000 in April, which was 3.3% above March but 42% lower than a year earlier, the U.S. Census Bureau said. Economists expected 520,000 sales, according to Briefing.com. The March level was the lowest since 1991. ...