New single-family home sales in March surged to the largest monthly percentage increase in 47 years after hitting a record low in February, according to a report by the U.S. Census Bureau and the Department of Housing and Urban Development.

The clock is ticking on the federal homebuyer’s tax credit — something that the building and brokerage industries lobbied hard to pass, as direct beneficiaries of stimulated sales.

And it’s working, the National Association of Home Builders and National Association of Realtors said in announcements this week.

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