News Column

New Home Sales Rebound in August

September 25, 2013 Financial Markets

New home sales were up in August.
New home sales were up in August.

Sales of new U.S. homes climbed in August following two of the worst months this year, indicating that the record-high mortgage rates still has its effect on the housing sector and its recovery.

Sales increased 7.9 percent to a 421,000 annualized pace following a 390,000 rate in the prior month that was less than previously estimated. Sales slumped 14.1 percent in July.

The back-to-back readings were the weakest this year, and fell short of an average 446,000 rate in the first six months of 2013.

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