New home sales rose 11 percent last month
Sales of new U.S. homes rose in March and the number of properties on the market was its lowest since the 1960s, but further gains will be hampered by stiff competition from a glut of previously owned houses, Reuters said after the release of a government report. Single-family home sales rose 11.1 percent to a seasonally adjusted 300,000 unit annual rate, the U.S. Commerce Department said today, up from 270,000 in February. Economists had predicted that sales would increase at a 280,000-unit pace. Click here for related story.
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