News Summary: US new home sales rise to 377K

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Associated Press

Posted on December 27, 2012 at 2:02 PM

Updated Thursday, Dec 27 at 2:07 PM

NEW HOME SALES RISE: Americans bought new homes last month at the fastest pace in more than two and a half years. Sales rose 4.4 percent in November from October to a seasonally adjusted annual rate of 377,000.

STILL TOO LOW: Sales have increased 15.3 percent over the past year, although the improvement comes from depressed levels. Sales remain below the 700,000 that economists consider healthy.

RECOVERY CONTINUES: The increase suggest the housing recovery is sustainable. Stable job gains and record-low mortgage rates have helped drive sales this year.

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