(RTTNews) - New home sales in the U.S. saw an unexpected decrease in July, according to a report released by the Commerce Department on Tuesday, with the decline coming in addition to revised figures showing weaker than previously reported sales in June.
The report showed that new home sales for July came in at a seasonally adjusted annual rate of 298,000, a 0.7 percent drop from the revised June rate of 300,000.
Economists had been expecting new home sales to edge up to 313,000 from the 312,000 originally reported for the previous month.
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