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New US home sales rose for the first time in February after seven months of decline indicating that the market may have finally hit bottom.
According to the US Commerce Department, new home sales climbed by 4.7 per cent in February.
This brought the annualised rate to 337,000 compared to 322,000 in January.
Just last week separate data showed new housing starts also rose in February by 22 per cent compared to January – the first improvement in eight months.
