New Home Sales Fell 11.2% In January

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New home sales unexpectedly showed a substantial decrease in the month of January, according to a report released by the Commerce Department on Wednesday, with sales falling for the third consecutive month.

The report showed that new home sales fell 11.2 percent to an annual rate of 309,000 in January from the revised December rate of 348,000. Economists had expected sales to rise to 354,000 from the 342,000 originally reported for the previous month.

New home sales unexpectedly showed a substantial decrease in the month of January, according to a report released by the Commerce Department on Wednesday, with sales falling for the third consecutive month. (Market News Provided by RTTNews)