RTTNews - New home sales increased by much more than expected in the month of July, according to a report released by the Commerce Department on Wednesday, with the report providing further evidence of stabilization in the housing market.

The report showed that new home sales surged up by 9.6 percent to an annual rate of 433,00 in July from the revised June rate of 395,000. Economists had been expecting sales to edge up to 390,000 from the 384,000 originally reported for the previous month.

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