Jump in April home sales(Read article summary)
The sudden increase is likely fueled by housing tax-credit buying.
Today, the U.S. Census Department released its monthly New Residential Home Sales Report for April showing significant revisions to prior months as well as a notable jump in sales on a month-to-month and year-over-year basis fueled mostly from a surge of housing tax-credit buying.
Nevertheless, the low for the series currently remains February 2010 making the huge jump in sales look even more than suspiciously "stimulated".
New single family home sales jumped 14.8% since March and 47.8% since April 2009 while the monthly supply declined to 5.0 months while the median months for sale declined to 14.3 months.
The following charts show the extent of sales decline (click for full-larger version)
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