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US new home sales surge 9.6% in July
(Xinhua)
Updated: 2009-08-27 00:13
WASHINGTON: US new home sales increased 9.6 percent in July for the fourth consecutive month, with analysts greeting it as a fresh sign of economic recovery.

The Commerce Department said sales rose to a seasonally adjusted annual rate of 433,000 from an upwardly revised June rate of 395,000.

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The July data exceeded the forecasts of economists, who expected a pace of 390,000 units.

The last time sales rose so dramatically was in February 2005.

The median sales price of $210,100, however, was still down 11.5 percent from $237,300 a year earlier.

Analysts say the data showed the housing market was steadily returning from its historic downturn.