New home sales in the U.S. unexpectedly showed a substantial rebound in the month of August, according to a report released by the Commerce Department on Tuesday.
The report showed new home sales skyrocketed by 28.8 percent to an annual rate of 685,000 in August after plunging by 8.6 percent to a revised rate of 532,000 in July.
The surge surprised economists, who had expected new home sales to slump by 2.2 percent to an annual rate of 500,000 from the 511,000 originally reported for the previous month.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.