While the disappointing new home sales reported last month for June were revised even lower today July sales redeemed at least some of the loss. The Census Bureau and the Department of Housing and Urban Development said that sales of newly constructed homes were at a seasonally adjusted annual rate of 507,000, a 5.4 percent increase from the revised June level of 481,000. Last month the report had put new home sales at 482,000 units, a drop of 6.8 percent from May.
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