Washington (AFP) – U.S. sales of new homes bounced back in August after July’s slump, though the pace remained slower than the first quarter of the year, the Commerce Department reported Wednesday.
New home sales rose to an annual pace of 421,000 units, compared to 390,000 in July and 454,000 in June.
But the pace remained slower than the first quarter’s 449,000 pace, which analysts say could be the result of a jump in home mortgage interest rates.
The median sale price remained lower than early in the year at $254,600, roughly unchanged from the same period in 2012.
