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STORY: :: New home sales in the U.S. rise

to their highest level in over a year

:: Source: Commerce Department Census Bureau

:: July’s new home sales were the highest since May

2023 and saw the sharpest increase since August 2022

:: They jumped 10.6% to a seasonally

adjusted annual rate of 739,000 units

:: It's more evidence that the housing market is recovering

:: A drop in mortgage rates is boosting demand

:: Source: Freddie Mac

:: The average rate on a 30-year fixed-rate mortgage

was 6.4% this week, the lowest since May 2023

:: It eased from a six-month high of 7.22% in early May

:: New home sales are counted at the signing of a

contract and can be volatile on a month-to-month basis