Sales of new U.S. single-family homes increased to an 11-month high in February ...
WASHINGTON, March 29 - Sales of new U.S. single-family homes increased to an 11-month high in February and sales for January were revised higher, suggesting that lower mortgage rates were starting to lift the struggling housing market.
Economists polled by Reuters had forecast new home sales, which account for about 11 percent of housing market sales, increasing 1.3 percent to a pace of 620,000 units in February. Mortgage rates have been declining since the Federal Reserve signaled a long pause in interest rates increases this year. Lower borrowing costs, slowing house price inflation and rising wages have improved housing affordability.
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