Gain in U.S. Home Sales More Modest Post Revisions: Economy

Purchases of new houses in the U.S. rose in September, and revisions showed the magnitude of the unfolding recovery was more modest.

Sales increased 0.2 percent to a 467,000 annualized pace, in line with the median forecast of economists surveyed by Bloomberg, Commerce Department data showed today in Washington. The August rate of 466,000 was 7.5 percent weaker than previously estimated, and data for the prior two months also were revised down.