New Home Sales Rose 0.7% In August

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While the Commerce Department released a report Friday morning showing that new home sales increased for the fifth consecutive month in August, the modest growth came compared to a notably downwardly revised rate for the previous month.

The report showed that new home sales rose 0.7 percent to an annual rate of 429,000 in August from a revised 426,000 in July. Economists had expected sales to increase by 1.6 percent to 440,000 from the 433,000 originally reported for the previous month.

While the Commerce Department released a report Friday morning showing that new home sales increased for the fifth consecutive month in August, the modest growth came compared to a notably downwardly revised rate for the previous month. (Market News Provided by RTTNews)