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The 0.9 percent rise in public construction reflected a 1.1 percent increase in state and local government building. Federal construction dropped by 1.1 percent following a 2.1 percent decline in January. In February, U.S. homebuilders requested permits for future construction at the fastest pace in 4 1/2 years. And they started to build single-family homes at the fastest pace in that time period. With sales of new homes and previously owned homes trending higher, the increased demand has helped push home prices up. U.S. home prices rose 8.1 percent for the 12 months that ended in January, according to the Standard & Poor's/Case-Shiller 20-city index. Prices rose in all 20 cities surveyed and eight markets posted double-digit gains. Rising home prices are expected to encourage more people to put their homes on the market. The market has been held back by a low supply of available homes for sales.
[Associated
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