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AP Story: Sales of New Homes Bounce Back

January 10, 2007

Sales of new homes bounced back in November and have now posted increases in three of the past four months, a hopeful sign that this year’s severe drop in housing may finally be coming to an end.

The Commerce Department reported Wednesday that sales of new single-family home rose 3.4 percent last month to a seasonally adjusted annual rate of 1.047 million units.

That was better than the 1.1 percent gain economists had been expecting and the government also revised the previous three months to show stronger activity.

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