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New-Home Sales in U.S. Increased to a Four-Month High in August

  • Purchases rose as builders made modest progress on backlogs
  • Median selling price held at a record on more higher-end sales
New Homes Account For Biggest Share Of U.S. Sales In 12 Years
Photographer: Bing Guan/Bloomberg
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Sales of new U.S. homes rose in August by more than forecast, reaching a four-month high and suggesting demand is stabilizing as builders make gradual headway on backlogs.

Purchases of new single-family homes increased 1.5% to a 740,000 annualized pace following an upwardly revised 729,000 in July, government data showed Friday. The median estimate in a Bloomberg survey of economists called for a 715,000 rate.