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US New Home Sales Surged in May

New home sales surged sharply in the U.S. in May, up the most in 22 years. The Commerce Department said Tuesday that new house purchases reached an annualized pace of 504,000 last month, a gain of more than 18 percent over April and the biggest monthly advance since 1992. It said the average sales price was about $319,000. A report a day earlier also showed a pickup in existing home sales. Together, the two reports signal that the U.S. housing market, an important indicator in...

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