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Sales of new U.S. homes fall 15.4% in March; gold extends gains

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(Kitco News) - Gold prices rose after news that sales of new U.S. single-family homes fell by 15.4% in March to a seasonally adjusted and annualized pace of 627,000. Spot gold extended its early strength, last trading up $24.30 to $1,738.40 an ounce.

Consensus estimates compiled by various news organizations called for sales to be between 628,000 and 645,000. The Commerce Department revised sales for February to 741,000 from the originally reported 765,000.

The median sales price of new houses sold last month was $321,400, the government said. The average sales price was $375,300.

The seasonally-adjusted estimate of new houses for sale at month-end was 333,000, representing a supply of 6.4 months at the current sales rate.

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