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Why new home sales are up — but existing homes aren't

Data: U.S. Census Bureau; Chart: Axios Visuals

It's a tale of two housing markets. New home sales rose more than expected in January, climbing 7.2% from the month before, per government data out Friday.

Driving the news: In the much bigger existing home market, sales fell for the 12th straight month in January, decreasing 0.7% to 4 million from the month before, according to the National Association of Realtors, also out last week.

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