Sales of new U.S. homes fall 42%

The rate of new single-family home sales dropped 42 percent in April compared to the same month last year, the U.S. Census Bureau and Department of Housing and Urban Development reported.

New-home sales reached a seasonally adjusted annual sales rate of 526,000 in April -- this rate is a projection of a monthly sales total over a 12-month period, adjusted to account for seasonal fluctuations in sales activity.

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