New US home sales grow more-than-expect in April

New US home sales grew 16.6% to a seasonally adjusted annualized rate of 619,000 units in April, posting the highest result since January 2008 and the largest percent increase since January 1992. Meanwhile, the previous month's reading was revised up to 531,000 from the originally reported 511,000 units. Analysts polled by Reuters expected new home sales to rise to 523,000 in April.