Getting your player ready...
WASHINGTON — Sales of new homes posted another large gain in April as buyers rushed to sign contracts before government tax credits expired.
The Commerce Department said Wednesday that sales of new single-family homes jumped 14.8 percent to a seasonally adjusted annual rate of 504,000 units.
The April gain followed a 29.8 percent surge in March, the biggest monthly increase in 47 years.
Activity in both months was pushed higher by a stampede of buyers trying to sign sales contracts before tax credits expired April 30.
Historically low mortgage rates also helped fuel purchases. But sales are expected to slump in the coming months as households deal with slow job growth and tight credit.
