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U.S. New Home Sales Unexpectedly Show Significant Rebound In May

New home sales in the U.S. unexpectedly showed a significant rebound in the month of May, according to a report released by the Commerce Department on Friday. The report showed new home sales surged 10.7 percent to an annual rate of 696,000 in May after plunging 12.0 percent to an upwardly revised rate of 629,000 in April.
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