Figures released Wednesday morning showed that U.S. single-family home sales unexpectedly rose in September, pointing to sustained demand for housing even as data for August was revised sharply down.
The U.S. Commerce Department said new home sales increased 3.1% to a seasonally adjusted annual rate of 593,000 units last month, pulling them close to a nine-year high touched in July.
August's sales were revised down to 575,000 units from the previously reported 609,000 units.
Economists had forecast single-family home sales,which account for about 9.8% of overall home sales, falling to a rate of 600,000 units last month.
Sales increased 29.8% from a year ago, as well as for the third quarter compared to the April-June period, indicating strong demand for housing stateside.
