US NEW HOME SALES FALL LESS THAN EXPECTED

Sales of new U.S. single-family homes fell less than expected in August and could regain momentum in the months ahead as declining mortgage rates and house prices stimulate demand.

The Commerce Department on Wednesday also showed new home sales were higher than previously estimated in the prior three months. The Federal Reserve last week cut interest rates by 50 basis points to the 4.75%-5.00% range, the first reduction in borrowing costs since 2020. Mortgage rates have dropped to the lowest level in more than 1-1/2 years and previously owned homes remain in short supply on the market.

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