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US new home sales race to near 9-year high in July

New U.S. single-family home sales unexpectedly rose in July, reaching their highest level in nearly nine years as demand increased broadly, brightening the housing market outlook.

The Commerce Department said on Tuesday new home sales surged 12.4 percent to a seasonally adjusted annual rate of 654,000 units last month, the highest level since October 2007.

June's sales pace was revised down to 582,000 units from the previously reported 592,000 units. Economists polled by Reuters had forecast single-family home sales, which account for about 9.6 percent of overall home sales, slipping to a rate of 580,000 units last month.

July's increase, however, likely exaggerates the housing market strength as it has not been matched by robust...


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