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US new home sales scale 10-year high; supply still tight

from Reuters

Sales of new U.S. single-family homes unexpectedly rose in October to hit a 10-year high amid robust demand across the country, offering a boost to the housing market. The upbeat report from the Commerce Department on Monday was the latest indication that housing was regaining momentum after treading water for much of the year because of a dearth of homes for sale and shortages of labor and suitable land for building. It underscored the economy’s strength early in the fourth quarter. more


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