New home sales slump; business activity up
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Sales of new U.S. homes fell in November to the lowest rate since 1995, but business activity perked up this month, according to reports on Friday that showed pockets of strength in the economy despite a housing sector meltdown.
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Sales of previously owned homes fell to a five-year low in July and the glut of unsold properties climbed to the highest since 1991 as the housing slump dragged on.
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New home sales unexpectedly rose to an 870,000 annual sales pace in July, reversing two months of declines, and inventories eased, the Commerce Department reported.
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The sale of new single-family homes across the country rose by 9.4 percent in August, ending a two-month dip, the US Commerce Department reported yesterday.
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New home sales rose 2.8 percent in July, only the second time this year that such sales increased from the previous month.
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The beleaguered housing industry is sending mixed signals, with sales of new homes surging in April by the biggest amount in 14 years while prices endured a record plunge
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Sales of new homes rose by 9.4 percent in August, the Commerce Department said Monday, as mortgage interest rates remained at low enough levels to continue enticing buyers worried about future rate hikes.
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US factories posted their biggest gain in four months on orders for costly manufactured goods, but new-homes sales slid, according to a pair of reports offering a mixed picture of economic activity in July.
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Sales of previously owned homes declined last month as the supply of unsold properties on the market ballooned and prices declined compared with those a year earlier.
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Defying forecasts of an imminent slowdown, sales of new homes shot up in April to the fastest sales pace this year. But prices were up only slightly, and the backlog of unsold homes hit a new record.
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Sales of new US homes fall 23%, in the latest indication of the downturn in the housing market.
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The release of existing-home sales numbers on Thursday highlight a slow week for economic data.
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Business & money: Numbers of buyers unable to purchase first home slump to the lowest level since 1980
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Sales of new homes unexpectedly rose 2.8 percent to an 870,000 annual sales pace in July, reversing two months of declines, and inventories eased, a Commerce Department report showed on Friday.
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Sales of new homes rose unexpectedly in April to the fastest pace this year as the housing sector showed resilience in the face of rising mortgage rates. But the price of homes sold last month fell and the level of unsold homes rose to a record high.
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Retail sales rose a sluggish 0.1 percent in February amid unusually cold weather, and late mortgage payments and home foreclosures rose at the end of last year, according to reports that raised concerns about the economic outlook.
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Orders for costly manufactured goods in July posted the biggest gain in four months. New-homes sales, meanwhile, slid, according to a pair of reports.