New-Home Sales in U.S. Unexpectedly Jump to 9-Year High: Chart

U.S. New-Home Sales Surge 12.4% in July

Need more evidence of a healthy U.S. economy? Look no further than Tuesday’s housing data from the Commerce Department. Fueled partly by near record-low mortgage rates, purchases of new U.S. homes unexpectedly jumped 12.4 percent in July to the highest level since October 2007, led by soaring demand in the South. The department said there was 90 percent confidence that the change in sales last month ranged from a 0.3 percent drop to a 25.1 percent increase, underscoring the volatility of the data.

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