So, how come sales of brand-new homes doing so well?

Screen Shot 2016-05-25 at 9.31.37 AMBy Clare Trapasso | realtor.com

Sales of newly constructed homes spiked in April as buyers, spooked by the lack of properties on the market and rapidly rising prices, snapped them up.

About 61,000 new homes were sold in April—the highest number since July 2007. The number of sales jumped 27% over the same time a year earlier and were up 22% from March, according to the U.S. Department of Commerce’s monthly new residential construction report. The numbers were not seasonally adjusted, which means they weren’t smoothed out over a 12-month period to account for fluctuations.

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