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US new home sales rise on healthy demand in the West

by ChemOrbis Editorial Team -
  • 24/03/2016 (11:32)
According to data released by the US Commerce Department, new single-family home sales in the US recorded modest gains as strong sales in the West help offset the negative effects of steep declines in other regions. New home sales increased 2.0% in February to a seasonally adjusted annual rate of 512,000 units. New home sales data for January were also revised up to 502,000 units from the previously reported 494,000 units.

The increase in new single-family home sales was attributed to a 38.5% surge in the West in February. New home sales plunged 24.2% in the Northeast and 17.9% in the Midwest while sales were also down 4.1% in densely populated South. Apart from the West, home sales fell 8.1%.

New home inventories in the housing market increased 1.7% in February, posting the highest level seen since October 2009.
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