Sales of new homes dip 1.6%, while prices jump

The pace of new-home sales cooled a bit in February even as prices stormed higher, according to data released Friday by the Commerce Department, suggesting that a modest but noticeable improvement in the housing market is holding, Marketwatch reported today.

Sales of new homes fell 1.6% to a seasonally adjusted annual rate of 313,000 from a downwardly revised 318,000 in January.

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