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Home sales rose in February

Wed, 03/25/2009 - 23:17 by Shruti Sharma

Washington -- New home sales in the United States rose to a seasonally adjusted annual rate of 337,000, the U.S. Commerce Department reported Wednesday.

Sales of new single-family homes rose 4.7 percent from January's revised rate of 322,000, but remain far below figures from a year ago. In February 2008, the annual rate of home sales stood at 572,000. February's rate is 41.1 percent below that.

The median sales price of a new home sold in February was $200,900 with an average price of $251,000.

The Commerce Department said the seasonally adjusted estimate of homes on the market in the United States at the end of the month would take 12.2 months to sell at the current pace of sales.

Copyright 2009 by United Press International.

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