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U.S. New Home Sales Unexpectedly Dip 0.3% In February

(RTTNews) - New home sales in the U.S. unexpectedly decreased in the month of February, according to a report released by the Commerce Department on Monday.

The Commerce Department said new home sales dipped by 0.3 percent to an annual rate of 662,000 in February after jumping by 1.7 percent to a revised rate of 664,000 in January.

Economists had expected new home sales to surge by 2.9 percent to a rate of 680,000 from the 661,000 originally reported for the previous month.

Despite the monthly pullback, new home sales in February were still up by 5.9 percent compared to the same month a year ago.

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