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New Home Sales at an eight-month high

Tuesday, Apr 25 2017
New Home Sales at an eight-month high

New U.S. single-family home sales surged to an eight-month high in March, pointing to underlying strength in the economy despite an apparent sharp slowdown in growth in the first quarter. The Commerce Department said on Tuesday new home sales jumped 5.8 percent to a seasonally adjusted annual rate of 621,00 units last month, the highest level since July 2016. February's sales pace was revised down to 587,000 units from the previously reported 592,000 units.

New home sales were up 15.6 percent compared to March 2016. Economists polled by Reuters had forecast new home sales, which account for about 9.8 percent of overall home sales, slipping 0.8 percent to a pace of 583,000 units last month. Sales have now increased for three straight months. A tightening labor market, marked by a 4.5 percent unemployment rate, is boosting employment opportunities for young Americans and helping to support the housing market.

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