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Housing Market Warming Up

New home sales are climbing, with prices up 8.3% from last year. According to a Commerce Department report released Tuesday, April new-home sales rose 6.8% over March while the median price of a new home came in at $297,300. Purchases of new homes are up 26.1% in the past year and WSJ reports that the demand could lead builders to increase construction (perhaps relieving supply constraints caused by still-skittish sellers). New home sales are up 36.8% in the Midwest and 5.8% in the South, but falling in the Northeast and West at a rate of 5.6% and 2.3% respectively. [WSJ]

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