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Sales of new homes down in May from 8-year high

They fall 6% to a 551,000 annualised pace following April's 586,000 rate that was slower than previously estimated


PURCHASES of new homes in the United States declined in May from an eight-year high as the housing market continued to display the choppy progress that's been a hallmark of the recovery.

Sales fell 6 per cent to a 551,000 annualised pace following a 586,000 rate in April

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