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Western States Buoy New Home Sales
Wednesday, March 23, 2016
Sales of newly constructed single-family homes did a partial bounce back in February from a disappointing January in which sales dropped by over 9 percent. The Census Bureau and the Department of Housing and Urban Development said today that sales increased in February by 2.0 percent to a seasonally adjusted annual rate of 512,000 and that the January sales figure had been revised upward from 494,000 to 502,000. Still new home sales are running 6.1 percent below the pace in February 2015 of 545,000 units.
The increase in the February estimate was driven solely by sales in the West which had also been responsible for the January swoon, falling 32.1 percent from December. The region almost totally recovered from the earlier slide, offsetting declines in the other three regions.
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