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US new home sales surge to 12.5-year high in January

tacobell fan

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tacobell fan

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  • The Commerce Department said on Wednesday new home sales jumped 7.9% to a seasonally adjusted annual rate of 764,000 units last month, the highest level since July 2007.
  • Housing market strength could help keep the economic expansion, now in its 11th year, on track.
  • The sector, which accounts for about 3.1% of GDP, is being supported by cheaper mortgage rates after the Federal Reserve cut interest rates three times last year.

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