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Financial News Network
April 25, 2011 AT 7:02 PM
The Commerce Department reported that sales of new homes rose 11.1% in March to a seasonally adjusted annual rate of 300,000. Economists had expected a reading of 290,000.Sales in the Northeast rose 66.7%, the Midwest rose 12.9% and the West rose 25.9%.Citigroup analyst Steven Wieting said, "With March sales gaining in every region except the South, the data are another reminder that activity readings in JanuaryFebruary were restrained by severe weather. Builder sentiment data and mortgage purchase applications have shown no collapse or subsequent surge."