US new home sales surged much more than expected to a nine-month high in the month of December. The Commerce Department said new home sales soared by 11.9 percent to an annual rate of 811,000 in December after spiking by 11.7 percent to a revised rate of 725,000 in November. With the much bigger than expected increase, new home sales reached their highest annual rate since hitting 873,000 last March.
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