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Sales of New Homes Soar!

The Commerce Department said Wednesday that new-home sales climbed 18 percent last month to a seasonally adjusted annual rate of 504,000. The report also revised up the July sales rate to 427,000 from 412,000.

Newly constructed homes sold at the fastest clip since May 2008. It’s a sign that the real estate market might improve after the rebound from the housing bust stalled during the past year because of sluggish wage growth and rising prices.

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