U.S. home sales rose slightly in April

WASHINGTON, May 28 (UPI) -- New home sales in the United States rose in April compared to March, but remain far below the rate of sales a year ago, U.S. Commerce Department said.

Sales of new single-family homes increased 0.3 percent in the month to a seasonally adjusted annual rate of 352,000.

April's rate is 34 percent lower than a year ago, when the annual rate was 533,000.

The median sales price of a new home sold in May was $209,700 with an average price of $254,000.

The Commerce Department said a seasonally adjusted estimate of 297,000 new homes were on the market in the United States, an inventory that would take about 10.1 months to sell at the current pace of sales.