US new home sales fall on steep decline in the West
The fall in new single-family home sales was attributed to a steep decline in the West in March. New home sales climbed 18.5% in the Midwest while sales were also up 5.0% in the densely populated South region. However, sales in the West region dropped 23.6% compared with an increase of 21.7% in the previous month. New home sales remained unchanged in the Northeast.
Meanwhile, new home inventories in the housing market increased to the highest level since September 2009.
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