US new home sales edge past forecasts in August

Sales of new single-family homes Stateside fell 7.6% month-on-month to reach an annualised pace of 609,000, according to the Department of Commerce.

Economists had been expecting a rate of 597,000 new home sales.

New home sales were running 20.6% above their year-ago level in August.

The inventory of new homes available for sale in terms of months'-worth of supply increased from 4.2 months to 4.6.

By geographical areas, new home sales in the west were strongest, rising 8.0% to 162,000, and by 1.7% to 235,000 in the west.

However, in the northeast they fell 34.3% to 23,000 and in the Midwest by 2.4% to 81,000.

The average price of a new home available for sale increased from 352,000 to 353,600.