New U.S. home sales were almost flat last month, indicating that the housing market's recovery will likely be a slow and gradual process.
The Commerce Department said Thursday that sales rose 0.3 percent in April to a seasonally adjusted annual rate of 352,000. But the increase came from a downwardly revised rate of 351,000 in March.
April's results missed the expectations of economists surveyed by Thomson Reuters, who expected a sales pace of 360,000 units.
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