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Best Home Sales in Five Years Signal Building Gain: Economy

Sales of new U.S. homes rose in June to the highest level in five years, pointing to gains in residential construction that will support the economic expansion in the second half of the year.

Purchases climbed 8.3 percent to an annualized pace of 497,000 homes, the highest level since May 2008, the Commerce Department said today in Washington. The median estimate of 77 economists surveyed by Bloomberg called for a gain to 484,000.