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U.S. new home sales fall in August but trend still positive
New U.S. single-family home sales posted their biggest decline in nearly a year in August after soaring to nine-year highs the month before, with analysts saying the trend in sales remains positive.
The Commerce Department said on Monday new home sales fell 7.6 percent to a seasonally adjusted annual rate of 609,000 units last month. Sales were up 20.6 percent from a year ago.
Economists polled by Reuters had forecast single-family home sales falling to an annualized rate of 600,000 units last month.
July's sales pace was revised up 5,000 units to 659,000 units. That level of annualized sales was the highest since October 2007, and even with the decline, the sales pace in August was the second highest since 2008.
Analysts said the level of sales generally supported their view of a strong underlying trend in new home sales and of a quickening pace of overall economic growth in the second half of the year.
"New home sales moved lower in August, but sales were at an expansion high in July and the longer-term trend remains positive due to strong homebuyer demand," said David Berson, chief economist at Nationwide and former chief economist at Fannie Mae.
Following the new home sales release, analysts at Macroeconomic Advisers ... more

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