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New-Home Sales Surge To Record

January 6, 1999

WASHINGTON (AP) _ Sales of new single-family homes soared 7.6 percent to a record in November, propelled by low interest rates, unseasonable warmth and a strong economy.

Americans purchased new homes at a seasonally adjusted annual rate of 965,000 in November, surpassing the previous record rate of 919,000, set in July, the Commerce Department said today.

November’s increase, the third in a row, was the largest in a year. And, even without December’s number, the 823,000 homes sold during the first 11 months of the year have already established an annual record, surpassing the 819,000 homes sold during 1977. The department began tracking sales in 1963.

November marked the 15th consecutive month of sales rates above 800,000, also a record.

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