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Sales of new single-family homes rose sharply in March, increasing 20.7 percent to 1.021 million at a seasonally-adjusted annual rate from an 846,000 pace in February.
Sales were up in three of the four regions of the country in March with strong double-digit gains in the Northeast, the South, and the Midwest but a 30.0 percent drop in the West.
The March pace is the ninth consecutive month above the 5 million mark but is down from a recent peak of 6.01 million in October 2020.