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.
