After reporting a sharp pullback in U.S. new home sales in the previous month, the Commerce Department released a report on Wednesday showing new home sales rebounded by much more than expected in the month of July.
The Commerce Department said new home sales spiked by 4.4 percent to an annual rate of 714,000 in July after tumbling by 2.8 percent to a revised rate of 684,000 in June.
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