A sale pending sign stands in front of a home for sale in Larkspur, California. (Photo by Justin Sullivan/Getty Images)
Sales of new U.S. single-family homes rose to a six-year high in September, but a sharp downward revision to August's sales pace indicated the housing recovery remains tentative. The Commerce Department said sales increased 0.2 percent to a seasonally adjusted annual rate of 467,000 units, the highest reading since July 2008. "We expect the housing market recovery to remain relatively gradual over the coming months," said Gennadiy Goldberg, an economist at TD Securities in New York. [Full Story]
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