RTTNews - With new home prices moving back to the downside, the Commerce Department released a report on Monday showing that new home sales in the month of June increased by much more than economists had been anticipating.

The report showed that new home sales jumped 11 percent to an annual rate of 384,000 in June from the revised May rate of 346,000. Economists had expected sales to rise to 352,000 from the 342,000 originally reported for the previous month.

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