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The U.S. Commerce Department released new home sales data on Tuesday. New home sales increased 5.7% to a seasonally adjusted annual rate of 507,000 units in July from 481,000 units in June. June's figure was revised down from 482,000 units.
Analysts had expected new home sales to reach 510,000 units.
The increase was driven by higher sales in the Northeast. New home sales in the Northeast climbed 23.1% in July.
The median sales price of new house increased by 2% from a year ago to $285,900.
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