Tax credits spur 14.8% increase in sales of new homes

05/26/2010 | Builder Online · Wall Street Journal, The

New-home sales jumped 14.8% in April, beating economists' predictions by more than 10 percentage points. Spurred by federal tax breaks, year-over-year sales were up 47.8%. With the construction industry also showing signs of life, analysts are optimistic that gains will continue even as the tax credits lapse. "[T]he overall housing market continues to stabilize and improve," writes one analyst.

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Builder Online · Wall Street Journal, The