After reporting a notable increase in new home sales in the U.S. in the previous month, the Commerce Department released a report on Thursday showing that new home sales pulled back by much more than expected in the month of March.
The report said new home sales plunged 11.4 percent to an annual rate of 481,000 in March after jumping 5.6 percent to a revised rate of 543,000 in February.
Economists had expected new home sales to drop to an annual rate of 518,000 from the 539,000 originally reported for the previous month.
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