THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Thursday, June 1, 1995 TAG: 9506010551
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
TYPE: Daily Digest
LENGTH: Short : 22 lines
The backlog of unsold new homes shot up to the highest level in nearly five years in April despite steadily falling mortgage rates. Sales of new single-family homes dipped 2.7 percent in April to a seasonally adjusted annual rate of 580,000, down from 596,000 in March, the Commerce Department reported Wednesday. The report also suggested that sales in the first quarter were not as weak as originally estimated. They were revised up to a 602,000 rate during the January-March period, from 592,000. (AP)
KEYWORDS: NEW HOME SALES by CNB