Sales of new U.S. homes dropped a larger-than-expected 9.9 percent in August and the supply of homes for sale surged to a record high, but prices resumed their upward climb, a government report showed on Tuesday.
The Commerce Department said new single-family home sales fell to a seasonally adjusted annual rate of 1.237 million units, the slowest pace since January, from a downwardly revised 1.373 million units in July. July’s sales pace was a record. The August sales pace was 6.2 percent higher than a year earlier.
