Single-family home sales rise

NEW US single-family home sales unexpectedly rose in September, pointing to sustained demand for housing even as data for the prior three months were revised lower.

Other reports on Wednesday suggested a stronger pickup in economic growth in the third quarter than is currently anticipated.

The goods trade deficit narrowed sharply, while both wholesale and retail inventories increased in September.

“A lot of the pieces of the puzzle have come back together in a positive direction, with a pickup in the export of goods to the rest of the world and new home sales,” said Chris Rupkey, chief economist at MUFG Union Bank in New York.

The Commerce Department said new home sales increased 3.1 per cent to a seasonally adjusted annual rate of 593,000 units last month, pulling them close to a nine-year high touched in July.

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