New-home sales climb from record low

Sales pace up 4.7% from January to February

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Sales of new single-family homes jumped 4.7 percent from January to February, to a seasonally adjusted annual rate of 337,000, the Commerce Department reported today.

While the unexpected increase was welcomed by financial markets, sales of new homes were down 41 percent from a year ago. February’s numbers were the second worst on record, surpassed only by January’s annual sales rate of 322,000 homes.