New Home Sales Increased In August

New Home Sales Increased In August

New-home sales unexpectedly climbed during August, breaking a string of three declines as the median price for a house compared to a year earlier was lower.

Meanwhile, demand for durable goods unexpectedly fell during August in a fairly broad-based decline, and an indicator of business equipment investment dipped.

According to the Commerce Department, sales of single-family homes increased by 4.1% to a seasonally adjusted annual rate of 1.050 million. July sales fell 7.5% to 1.009 million, revised from a previously estimated 4.3% decline to 1.072 million. Sales dropped 0.9% in June and 1.8% in May. Demand was flat in April.

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