US New Home Sales Jump 4.4% in July

Sales of new U.S. single-family homes rose in July, as an acute shortage of existing homes drove buyers to new units. New home sales shot up 4.4% to a seasonally adjusted annual rate of 714,000 units last month, the Commerce Department said on Wednesday. The sales pace in June was revised lower to 684,000 units from the previously reported 697,000 units.

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