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Sales of New U.S. Homes Exceeded Estimates in March: Economy

Demand for new U.S. homes was stronger than projected in March, showing more jobs and cheaper borrowing costs are helping stabilize the market.

Houses sold at a 328,000 annual rate, down from an upwardly revised 353,000 pace in February that was the highest in two years, according to Commerce Department data issued today in Washington. The median estimate in a Bloomberg News survey forecast a rate of 319,000. Other reports showed home prices are stabilizing and consumer confidence was little changed.