No deal: New home sales plunge in setback to housing recovery | Pound Ridge Real Estate

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Sales of new U.S. single-family homes tumbled to their lowest level in eight months in March, dealing a setback to the housing market recovery.

The Commerce Department said on Wednesday sales dropped 14.5 percent to a seasonally adjusted annual rate of 384,000 units, declining for a second consecutive month. February's sales were revised up to a 449,000-unit pace from the previously reported 440,000-unit rate.

Economists polled by Reuters had forecast new home sales at a 450,000-unit pace last month. Compared to March last year, sales were down 13.3 percent, the largest decline since April 2011.


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http://www.cnbc.com/id/101605827

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