After reporting an unexpected decrease in new home sales in the U.S. in the previous month, the Commerce Department released a report on Wednesday showing new home sales rebounded much more than expected in the month of August.
The Commerce Department said new home sales soared by 3.5 percent to an annual rate of 629,000 in August after slumping by 1.6 percent to a revised rate of 608,000 in July. Economists had expected new home sales to rise by 0.5 percent.
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