U.S. new home sales tumble after months of strong gains

April 23, 2015 2:17 PM

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U.S. new home sales tumble after months of strong gains

WASHINGTON, April 23 (Reuters) - - New U.S. single-family home sales in March recorded their biggest drop in more than 1-1/2 years, snapping three straight months of hefty gains, in a temporary setback for the housing market.

The Commerce Department said on Thursday sales declined 11.4 percent to a seasonally adjusted annual rate of 481,000 units. That was the biggest percent drop since July 2013.

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