U.S. New Home Sales Rebound In August, But Trend Softening

Sales of new U.S. single-family homes rebounded in August after two straight monthly declines, but the underlying trend still pointed to a weakening housing market against the backdrop of rising mortgage rates and higher home prices.

The Commerce Department said on Wednesday new home sales rebounded 3.5 percent to 629,000 units last month. July’s sales pace was revised down to 608,000 units from the previously reported 627,000 units.