US: New home sales fall 7.6% in August

US new home sales declined 7.6% in August from the prior month to a seasonally adjusted annual rate of 609,000, the Commerce Department said Monday.

The reading came in above expectations of 600,000  but still marked the largest one-month drop since September 2015.

July's new home sales were upwardly revised to a 659,000 rate from 654,000 previously estimated, an increase of 13.8% from June to the strongest pace in almost 9 years.