Continuing a recent string of better than expected housing market reports, the Commerce Department released a report on Wednesday showing that new home sales unexpectedly rebounded in the month of February.

The report showed that new home sales rose 4.7 percent to an annual rate of 337,000 in February from an upwardly revised January rate of 322,000. Economists had expected sales to fall to 300,000 from the 309,000 originally reported for the previous month.

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