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U.S. new home sales rise less than expected in January

Staff Writer |
Sales of new U.S. single-family homes rose less than expected in January, according to official data.

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Figures from the Commerce Department showed new home sales were up 3.7% from December's revised rate of 535,000 to a seasonally-adjusted rate of 555,000, and 5.5% above the January 2016 level.

The December reading was revised down a touch from a previous estimate of 536,000.

Meanwhile, the median price of new houses sold in January was $312,900, down 1% from December but 7% higher compared to a year ago.

The seasonally-adjusted estimate of new houses for sale at the end of January was 265,000, which represents a supply of 5.7 months at the current sales rate.


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