New home sales rise for first time in 6 months

New home sales rose for the first time in sixth months but the sales gain was merely a rebound from the 11% loss reported in March - the lowest level in sales in nearly 20 years. Last month's sales numbers were off 42% from the same time period in 2007 the biggest drop since 1981. From Market Watch on the newest new home sales figures: Sales rose 3.3% in April to a seasonally adjusted annual rate of 526,000, marking the first gain since last October, the Commerce Department reported Tuesday. Economists said the sales gain was a rebound from the sharp 11% drop in sales in March to 509,000 units, which was the lowest level in sales since April 1991. By region, sales jumped in the Northeast and rose slightly in both the Midwest and West. Sales were down in the South. Underscoring the f