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New home sales soar to highest level since 2006

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New home sales occurred at a seasonally-adjusted annual rate of 1.021 million in March, the U.S. Census Bureau reported Thursday. It represented the fastest pace of new home sales since 2006. Month-over-month, sales rose 20.7%. Additionally, the Census Bureau revised the sales figure for February up to a rate of 846,000, from the originally reported rate of 775,000. The inventory of homes for sale at the end of March remained unchanged from the month prior, but was down 7% from a year ago.