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Sales of new homes spike in December
Sales of new homes spike in December

Sales of newly built homes hit their fastest pace in 6 1/2 years in December, another sign that the housing market may pick up speed in 2015. The Census Bureau reported that 481,000 new homes were purchased in the month, up 11.6% from November on a seasonally adjusted basis and well ahead of analysts' expectations. For the full year of 2014, sales climbed 1.2% Market watchers said low interest rates and a generally improving economy are boosting demand for new homes, which on average are higher-priced than resale houses. The median price nationwide hit $298,100. Builders have also started more new construction in recent months, which suggests more sales in months to come. The...

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