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New home Ssales hit five-year high; Prices soar

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July 24, 2013 AT 5:45 PM
New U.S. home sales vaulted to a five-year high in June, while other data showed an acceleration in factory activity in July, boosting hopes of a third-quarter pick-up in economic growth. Showing no signs yet of slowing in the face of higher mortgage rates, single-family home sales increased 8.3 percent to a seasonally adjusted annual rate of 497,000 units, the highest level since May 2008,