New home sales stay close to almost nine-year high

Washington

PURCHASES of new US homes in September stayed close to an almost nine-year high, showing residential real estate was maintaining momentum heading into the quieter selling season.

Sales climbed 3.1 per cent to a 593,000 annualised rate from an August pace that was weaker than initially reported, Commerce Department data showed on Wednesday. The median forecast in a Bloomberg survey called for 600,000 pace in September. Purchases in June and July were revised lower.