New homes sales up last month - KWWL - Eastern Iowa Breaking News, Weather, Closings

New homes sales up last month

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Good news for the housing industry. Americans were buying more new homes last month.

The Commerce Department says sales of new homes increased by 7.6 percent in May from April to a seasonally adjusted rate of 369,000 homes.

That pace of sales was the fastest since April 2010 which was the last month that buyers could qualify for a federal home-buying tax credit.

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