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The Commerce Department reports that sales of new single-family homes in the U.S. increased 17.5% in December. New-home sales rose to an annual rate of 329,000 from a revised November rate of 280,000. Economists had forecast an increase of 300,000. The increase was due to a nearly 72% jump in the West. This marks the highest level since April, but sales are down 7.6% since 2009.
The median price of new homes was $241,500, up from $215,500 the month before. Economists expect prices will continue to fall for the first six months of 2011.
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