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New Home Sales fell unexpectedly in July, showing a drop of -2.40 percent versus an expected gain of 5.8 percent, with June numbers being revised down from a drop of seven percent to drop of 8.1 percent.

Shares in housing stocks and SPDR S&P Homebuilders ETF (NYSE: XHB) are off the highs of the day following the release.

Shares of XHB had traded as high as $32.00, but pulled back to about $31.78.

Individual housing stocks, such as Toll Brothers (NYSE: TOL), Pulte Group (NYSE: PHM) and DR Horton (NYSE: DHI) have followed similar price patterns, with all three stocks now well off Monday's highs

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