U.S. new home sales log surprise increase

Sales of new U.S. homes rose unexpectedly in August by 28.8 percent to an annualized rate of 685,000 units, according to data from the U.S. Commerce Department. The increase cut across all regions and was the strongest pace since March. July’s rate was revised upward to 532,000 units, from the initial estimate of 511,000 units.