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New-Home Sales Climb Amid Shortage of Existing Homes

Sales of new single-family houses in August reached a seasonally-adjusted annual rate of 740,000, a 24% decrease from last year but an increase from July’s revised rate of 729,000, the Census Bureau and Department of Housing and Urban Development said Friday. Home prices remained at a survey high in August as builders continued to deal with materials and labor shortages. The median sales price was $390,900, on par with July’s rate, which was revised higher.

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