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New US home sales increase

NEW home sales in the United States rose by the largest amount in more than eight years last month, in another sign the housing market is finally bouncing back from the worst downturn in decades.

The Department of Commerce disclosed yesterday in a report that sales climbed 11 percent last month to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000.

It was the strongest sales pace since November 2008 and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 360,000 units. The last time sales rose so dramatically was in December 2000.

Sales have risen for three straight months. The median sales price of US$206,200, however, fell 12 percent from US$234,300 a year earlier and down nearly 6 percent from US$219,000 in May.

The report represented another encouraging signal that the beleaguered housing sector in the US is finally coming back to life.


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