US new home sales jump in July, prices fall on annual basis

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Sales of new U.S. single-family homes rose in July, as an acute shortage of existing homes drove buyers to new units. New home sales shot up 4.4% to a seasonally adjusted annual rate of 714,000 units last month, the Commerce Department said on Wednesday. New home sales are counted at the signing of a contract, making them a leading indicator of the housing market.