U.S. New Home Sales Fall Less Than Expected in April

Fewer new homes in the United States changed hands in April, but data released Wednesday morning for the last three months was revised lower.

The Commerce Department said on Wednesday new home sales dropped 1.5% to a seasonally-adjusted annual rate of 662,000 units last month. March's sales pace was revised down to 672,000 units from the previously reported 694,000 units.

Economists had forecast new home sales, which account for about 11% of housing market sales, falling 2% to a pace of 679,000 units in April.

Washington also revised sales data going back to 2013. The benchmark revisions showed sales in the first three months of the year not as strong as previously reported.

New home sales are drawn from permits and tend to be volatile on a month-to-month basis. They rose 11.6%from a year ago.