New home sales jumped 7.9 percent in August to an annual level of 421,000, likely in response to an unexpectedly low report in July that may have been prompted by a consumer reaction to increasing interest rates on mortgages. While the August numbers are a nice rebound from July, they are still well below the historic demand of 800,000 per year. They are 56 percent above early 2011, which is the low point in new home sales. Of the four regions included in the report, three of them showed increases in August. The West, however, decreased another 14.6 percent.
Read the full article here: New Home Sales Rebound