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U.S. new-home sales climb for a third straight month in March

Purchases of new homes climbed in three of four regions, led by a 17.6% jump in the Midwest.

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The surprisingly strong gain suggests lower mortgage rates and rising wages are helping the housing market regain its footing after stumbling last year. (Photo: Shutterstock) The surprisingly strong gain suggests lower mortgage rates and rising wages are helping the housing market regain its footing after stumbling last year. (Photo: Shutterstock)

Sales of new U.S. homes unexpectedly rose in March, climbing to a 16-month high to cap the first quarter with a third straight increase that reflects a boost from lower borrowing costs.

Single-family home sales rose 4.5% to a 692,000 annualized pace that topped all estimates in Bloomberg’s survey, while February’s figure was revised down somewhat, according to government data.

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