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US new-home sales fell 11.4 percent in April, most in 2 yrs

4 weeks 2 days 9 hours ago May 23, 2017 May 23, 2017 Tuesday, May 23 2017 May 23, 2017 9:47 AM in News
Source: Associated Press

WASHINGTON - U.S. sales of new homes last month registered the biggest drop in more than two years.

The Commerce Department says new-home sales skidded 11.4 percent in April to a seasonally adjusted annual rate of 569,000. It was the biggest monthly drop since March 2015.

Economists had expected a more modest retreat from March sales of 642,000, which were the highest since October 2007. Sales in April were still up 0.5 percent from a year earlier.

Sales fell in every region, led by a 26.3 percent plunge in the West, the biggest drop there since October 2010.

The median sales price of a new home slid 3 percent to $309,200.

There were 268,000 new homes on the market in April, the most since July 2009.

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