Report: New-home Sales Drop Sharply in First Quarter

Observers blame higher prices, tougher mortgage and government efforts to rein in costs of a home.

May 04, 2014 10:35 PM

New-home sales plunged 7.2% for the first three months of the year from the same time in 2013, with observers warning that prices are making homes increasingly out of reach for middle-class families.

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