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| Cheap prices 'lift US home sales' | Cheap prices 'lift US home sales' |
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| US home sales rose last month, as buyers took advance of bargain priced houses that had previously been repossessed, industry data has shown. | US home sales rose last month, as buyers took advance of bargain priced houses that had previously been repossessed, industry data has shown. |
| Sales of existing homes grew 5.1% in February to an annual rate of 4.72 million, up from January's 4.49 million, the largest jump since 2003. | Sales of existing homes grew 5.1% in February to an annual rate of 4.72 million, up from January's 4.49 million, the largest jump since 2003. |
| The average price fell 16% from a year earlier to $165,000 (£114,000), added the National Association of Realtors. | The average price fell 16% from a year earlier to $165,000 (£114,000), added the National Association of Realtors. |
| This was the second largest fall on record, said the estate agent body. | This was the second largest fall on record, said the estate agent body. |
| 'Distressed homes' | |
| Lawrence Yun, the organisation's chief executive said first-time buyers made up half of all existing home sales last month. | Lawrence Yun, the organisation's chief executive said first-time buyers made up half of all existing home sales last month. |
| "Because entry-level buyers are shopping for bargains, distressed sales accounted for 40 to 45% of transactions in February," he said. | "Because entry-level buyers are shopping for bargains, distressed sales accounted for 40 to 45% of transactions in February," he said. |
| "Our analysis shows that distressed homes typically are selling for 20% less than the normal market price, and this naturally is drawing down the overall median price." | "Our analysis shows that distressed homes typically are selling for 20% less than the normal market price, and this naturally is drawing down the overall median price." |
| Last week the Commerce Department said US home construction soared 22% in February, from a year earlier, to a seasonally adjusted 583,000. | Last week the Commerce Department said US home construction soared 22% in February, from a year earlier, to a seasonally adjusted 583,000. |
| This was the first rise in seven months. | This was the first rise in seven months. |