June new-home sales rise at fastest pace since Feb '08
Broader picture for residential property shows steady gains fuelled by stable employment and low borrowing costs
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Washington
PURCHASES of new US single-family homes rose in June to the highest level in more than eight years, indicating a firm housing market.
Sales increased 3.5 per cent to a 592,000 annualised pace, the fastest since February 2008, Commerce Department data showed on Tuesday in Washington. Figures for May were revised higher. The median forecast in a Bloomberg survey called for a 560,000 rate.
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