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Saturday, Mar 15, 2025

New Home Sales Plunge, Prices Rise

Sales of new U.S. homes dropped a larger-than-expected 9.9 percent in August and the supply of homes for sale surged to a record high, but prices resumed their upward climb, a government report showed on Tuesday.


The Commerce Department said new single-family home sales fell to a seasonally adjusted annual rate of 1.237 million units, the slowest pace since January, from a downwardly revised 1.373 million units in July. July’s sales pace was a record. The August sales pace was 6.2 percent higher than a year earlier.


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