Big-ticket orders, new home sales fall

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Wednesday, May 26, 2004 | 8:53 a.m.

WASHINGTON -- New-home sales fell by 11.8 percent in April from the month before to a seasonally adjusted annual rate of 1.09 million units, the lowest level since November, the Commerce Department said today in a report.

The decline, which followed a big 9.7 percent jump in March that left sales at a record high pace of 1.24 million units, came as rates climbed. The average rate on a 30-year mortgage in April was 5.83 percent, up from 5.45 percent in March.

Orders to factories for big-ticket goods also fell sharply in April after posting a strong gain in the previous month.

The Commerce Department reported that orders for "durables" dropped by 2.9 percent last month, marking the biggest decline since September 2002.