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U.S. new home sales fall 2.4% in July to 412,000

Published 08/25/2014, 10:01 AM
Updated 08/25/2014, 10:01 AM
U.S. new home sales fall 2.4% in July

Investing.com - U.S. new home sales fell unexpectedly in July, dampening optimism over the health of the housing sector, official data showed on Monday.

In a report, the U.S. Commerce Department said new home sales dropped by 2.4% to a seasonally adjusted 412,000 units last month, compared to expectations for an increase of 5.7% to 430,000.

New home sales in June were revised up to 422,000 units from a previously reported 406,000 units.

Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD shedding 0.3% to trade at 1.3200.

Meanwhile, U.S. stock markets were higher after the open. The Dow 30 picked up 0.55%, the S&P 500 tacked on 0.55%, while the NASDAQ Composite rose 0.55%.

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