New-home sales up again
Washington — Sales of new homes rose 2.7 percent in August, the second consecutive monthly gain, the government reported Wednesday. The Commerce Department said new homes were sold at a seasonally adjusted annual rate of 688,000 units in August following a revised July increase of 4 percent. The increase surprised many economists who had been forecasting a decline because of rising mortgage rates. Analysts said rising rates apparently spurred some people to buy before rates went even higher.