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U.S. new home sales retreat in April from 11-year high

Christian Fernsby |
U.S. new home sales pulled back in April from an 11-year high as prices jumped, according to government data.

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The decline put a stop to three straight monthly increases but appeared larger because sales in March were much higher than originally reported.

Despite the sharp decline, the numbers were better than expected and continued to support a view of steady recovery in the housing market amid rising wages and falling unemployment.

Sales of new single-family homes tumbled 6.9 percent in April to an annual rate of 673,000 units, tumbling compared to March, which posted the highest sales since October 2007.

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