WASHINGTON - The Commerce Department says new home sales fell 14.8 percent to a seasonally-adjusted annual rate of 823,000. That's the lowest level since June 2000.<br>
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Economists had been looking for a new level of 950,000.<br>
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At the same time, the government revised its reports for both November and December new home sales to show higher levels than previously reported.<br>
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The January decline, nonetheless, was the largest since January 1994.<br>
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The downturn comes in sharp contrast to recent evidence pointing to exceptionally strong activity in the housing sector.<br>
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