New U.S. single-family home sales surged to a more than eight-year high in April and prices hit a record high.
The Commerce Department said on Tuesday new home sales jumped 16.6 percent to a seasonally adjusted annual rate of619,000 units, the highest level since January 2008. The percent increase was the largest since January 1992.
The median price for a new home increased 9.7 percent from a year ago to a record $321,100.
Note to Austrian-lites: This is not what a downturn in the economy looks like.