U.S. new home sales race to eight-year high, prices surge

May 24, 2016 2:31 PM

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U.S. new home sales race to eight-year high, prices surge

WASHINGTON New U.S. single-family home sales surged to a more than eight-year high in April and prices hit a record high, offering further evidence of a pick-up in economic growth that could allow the Federal Reserve to raises interest rates soon.

The Commerce Department said on Tuesday new home sales jumped 16.6 percent to a seasonally adjusted annual rate of619,000 units, the highest level since January 2008. The percent increase was the largest since January 1992.

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