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New home sales in the U.S. rose to their highest level in a year in March, with purchases of new single-family homes increasing by nearly 10% last month.
The news, which could suggest the national housing market is beginning to stabilize after a recent dip in mortgage rates, was revealed by the Commerce Department on Tuesday with 683,000 new sales last month – up from a revised 623,000 in February.
Those March figures blew away estimates, with economists polled by Reuters having predicted that new home sales would come in at about 630,000 for the month.
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