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US new home sales fall on steep decline in the West

by ChemOrbis Editorial Team -
  • 26/04/2016 (14:11)
According to data released by the US Commerce Department, new single-family home sales in the US fell unexpectedly in March, especially in the West region. New home sales decreased 1.5% in March to a seasonally adjusted annual rate of 511,000 units. New home sales data for February were also revised up to 519,000 units from the previously reported 512,000 units.

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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