New home sales in the U.S. bounced back in August

New home sales in the U.S. bounced back in August.

(CNN)— New home sales in the U.S. bounced back in August. That’s despite high prices and rising mortgage rates that have pushed some buyers away.

The Federal Government reports 685,000 new homes were sold last month, up from a 532,000 in July.

Meanwhile, the median price for a new home fell slightly—just $2600—to $436,800.

New home sales had been trending lower with prospective buyers seeing their budgets stretched thin by long construction times, mounting costs, and rising mortgage rates.

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