Inflation & Prices
US Sales of New Homes Unexpectedly Rise in a Break From Downturn
- August sales pace rose almost 29% to the fastest since March
- Purchases broad-based across regions; inventory little changed
A "For Sale" sign is displayed outside a home in Louisville, Kentucky.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
US sales of new homes unexpectedly rose in August, representing a break in an otherwise rapid descent this year for a housing market still at risk of further deterioration as mortgage rates climb.
Purchases of new single-family homes increased nearly 29% to a 685,000 annualized pace, government data showed Tuesday. The August rate was firmer than the most optimistic forecast in a Bloomberg survey of economists.