US home sales beat market expectations in August

By Gokhan Ergocun

ISTANBUL (AA) - The US saw 716,000 units of new home sales in August, down from 751,000 in July but beating the market expectation of 699,000.

The number of new home sales fell 4.7% from July to August, the US Census Bureau and the Department of Housing and Urban Development said on Wednesday.

Meanwhile, new home sales in August rose 9.8% year-on-year.

The median sales price of new homes during August was $420,600 and the average sales price was $492,700, it noted.