New-home inventories shrinking

Sales still slow, but up nearly 10 percent from a year ago

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Sales of new homes remain anemic by historic measures, but homebuilders have cut back so drastically on construction that new-home inventories are no longer bloated.

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New single-family homes were selling at a seasonally adjusted annual rate of 343,000 homes per year during April, up 3.3 percent from March and 9.9 percent from a year ago, the Census Bureau reported.