New home sales increase 4.8 percent

New single-family home sales increased 4.8 percent in September to an annual pace of 770,000 units, up from a downwardly revised figure of 735,000 new units in August, according to the Commerce Department.

The August figure was previously reported as 795,000, which would have meant a September decline. Sales for June and July were also revised downward -- signaling that the market for new homes is weaker than previously thought.

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