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New-home sales rise month-to-month

April 25, 2011 at 11:01 AM

WASHINGTON, April 25 (UPI) -- Sales of new single-family homes rose in March from February, but remain far below sales from 12 months earlier, the U.S. Commerce Department said Monday.

Home sales in March came in at a seasonally adjusted annual rate of 300,000, which is 11.1 percent above February and 21.9 percent below March 2010, when 384,000 new homes were sold.

The Commerce Department said the average sales price for a new home sold in March was $246,800.

At the end of the month, there were 183,00 new homes on the market, a slight decrease from a month earlier. At the current rate of sales, it would take 7.3 months to deplete this inventory, Commerce said.

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