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The U.S. Commerce Department released new home sales data on Wednesday. New home sales increased 10.8% to a seasonally adjusted annual rate of 544,000 units in December from 491,000 units in November. November's figure was revised up from 490,000 units.
Analysts had expected new home sales to reach 500,000 units.
The increase was mainly driven by higher sales in the Midwest. New home sales in the Midwest soared 31.6% in December.
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