Last week's economic reporting included readings on sales of new and pre-owned homes; weekly reports on mortgage rates and new jobless claims were also released along with a report on consumer sentiment. Sales of New Homes Hit 16-Month High The Commerce Department reported that deep discounts offered by home builders boosted sales of new single-family homes to 692,000 sales on a seasonally-adjusted annual basis. March sales exceeded February's reading by 4.50 percent and exceeded the expected sales pace of 656,000 sales. The average price of new single family homes fell to $302,700 in March; this was 9.70 percent lower year-over-year.…