Sales of newly built homes sold at an annualized rate of 352,000 units in April, a meager increase from the previous month with the luxury market continuing to suffer tremendously.

Compared to same month a year ago, sales fell by 34%. However, according to government figures released Thursday morning, there could be two minor bright spots in the numbers: the supply of new homes for sale declined to 10.1 months, the lowest reading since August of last year, and the median sale price actually rose -- to $209,700 from $202,200 in March. (The supply of new homes for sale peaked in January at 12.4 months.)

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