New US Home Sales Jump to Highest Level Since September
- Purchases rose 8.8% in March, with higher sales in all regions
- Most inventory since 2008 helped lower median home price
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Sales of new homes in the US bounced back broadly in March as an abundance of inventory helped drive prices lower.
New single-family home sales increased 8.8% to a 693,000 annual pace last month, the fastest since September, government data showed Tuesday. Sales rose in all four regions, and the rate of purchases exceeded most estimates in a Bloomberg survey of economists.