U.S. new home sales rebound in July

Sales of new homes in the U.S. edged up by one percent in July to an annual rate of 708,000, according to the U.S. Commerce Department. It was the first increase following three monthly declines. Economists polled by Reuters projected a rate of just 700,000 units. On a year-over-year basis, sales were down by 27.2 percent.