(RTTNews) - Tuesday morning, the Department of Commerce released its report on new home sales in the month of July, showing that sales of new homes unexpectedly increased compared to a downwardly revised reading for the previous month.

The report showed that new home sales surged up 2.4 percent to an annual rate of 515,000 in July from the revised June rate of 503,000. Economists had expected sales to fall to a rate of 525,000 from the rate of 530,000 originally reported for June.

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