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Sales of New U.S. Homes Drop to Lowest in Four Months

  • Purchases fell in March in all four U.S. regions, led by South
  • Number of homes sold, not yet started highest in nearly a year
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Sales of new U.S. homes fell in March to a four-month low, indicating high prices and surging borrowing costs are putting more of a squeeze on the market. 

Purchases of new single-family homes decreased 8.6% to a 763,000 annualized pace, government data showed Tuesday. The median estimate in a Bloomberg survey of economists called for a 768,000 rate.