New home sales inch higher

New home sales rose a statistically insignificant 0.7 percent to a 429,000 seasonally adjusted annual rate, the U.S. Commerce Department announced Friday.

Economists surveyed by Bloomberg News had expected August new home sales to register a 445,000 annualized rate. Also, July's new homes sales were revised lower to a 426,000 rate from the previously announced 433,000; sales totaled a 384,000 rate in June.