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U.S. New Home Sales Pull Back Sharply From Upwardly Revised Level

Following a much bigger than previously estimated spike in U.S. new home sales in the previous month, the Commerce Department released a report on Friday showing a steep drop in new home sales in the month of July. The report said new home sales plunged by 12.8 percent to an annual rate of 635,000 in July after soaring by 20.9 percent to a sharply upwardly revised rate of 728,000 in June.
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