By Lucia Mutikani WASHINGTON (Reuters) – Sales of new U.S. single-family homes tumbled to their lowest level in eight months in March, dealing a setback to the housing market recovery. The Commerce Department said on Wednesday sales dropped 14.5 percent to a seasonally adjusted annual rate of 384,000 units, declining for a second consecutive month. The housing market has been slammed by an unusually cold and snowy winter, higher mortgage interest rates and a shortage of properties that is limiting options for potential buyers. Data on Tuesday showing a mild decline in home resales last month had offered hope the housing market could be stabilizing.
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