US new-home sales jump to highest level in more than 8 years

WASHINGTON (AP) — Americans ramped up their purchases of new homes in April to the highest level since January 2008, evidence of a strong start to the spring buying season.

The Commerce Department said Tuesday that new home sales jumped 16.6 percent last month to a seasonally adjusted rate of 619,000, up from a revised total of 531,000 in March.

The new home sales figures are notoriously volatile, particularly at the regional level.

Sales of existing homes, which make up 90 percent of the housing market, rose in April for a second straight month to an annual pace of 5.45 million, a figure consistent with a solid economy.