After reporting sharp increases in U.S. new home sales over the two previous months, the Commerce Department released a report on Thursday showing new home sales pulled back by much more than expected in the month of January.
The Commerce Department said new home sales tumbled by 4.5 percent to an annual rate of 801,000 in January after spiking by 12.0 percent to an upwardly revised rate of 839,000 in December.
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