Economic Buzz: US New Home Sales Fall By 1.5% In April

New home sales in the US fell by 1.5 percent to an annual rate of 662,000 in April after jumping by 2 percent to a revised rate of 672,000 in March. The decrease was primarily due to a steep drop in new home sales in the West, which plunged by 7.9 percent to a rate of 176,000. On the other hand, the Commerce Department said new home sales in the Northeast surged up by 11.1 percent to a rate of 40,000.