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New home sales rise in June

Sales of newly built homes rose last month to hit a five-year high in June, as the nation’s housing market showed little sign of slowing in June.

New home sales rose 8.3% over the prior month and 38.1% from the same month last year to hit a seasonally adjusted annual rate of 497,000 units, the Commerce Department said.

The median sales price of new homes was $249,700 last month. There was less than four months’ worth of homes for sale at the end of the month.

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