New Home Sales on the Rise

17853990748_5699d8f56f_zThe job market and the housing market are typically the first things people look at when assessing the strength of the economy. After a new report showing that new home sales were up in April, the economy is looking better too.

The Commerce Department said last Tuesday that new-home sales climbed 6.8 percent last month to a seasonally adjusted annual rate of 517,000. Sales recovered from a 10 percent dip in March to an annual pace of 484,000.

The gains point to the positive momentum created by robust hiring over the past year. Employers have added 3.1 million jobs as the unemployment rate has steadily dropped to 5.4 percent. Those new paychecks are now starting to trickle into the real estate sector, as more people are shopping for homes.

Find out more at CBS Money Watch.

Photo courtesy of: Paul L. McCord Jr.