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U.S. New Home Sales Rise More Than Forecast as Rates Fall

Toll Brothers Inc. Homes As Construction Spending Figures Slightly Up
Photographer: Daniel Acker/Bloomberg
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Sales of new U.S. homes rebounded at a faster pace than forecast in August as a decline in mortgage rates sparked demand for higher-priced properties.

Single-family home sales climbed 7.1% to a 713,000 annualized pace, surpassing all estimates in a Bloomberg survey of economists, after an upwardly revised July selling rate, Commerce Department data showed Wednesday. The median sales price increased 2.2% from a year earlier to $328,400.