Sales of new single-family U.S. homes rose in August but remained near their lowest levels of the year, in a sign that a sharp rise in interest rates is weighing on the U.S. economy.
Sales rose 7.9 % to an annual rate of 421,000 units , said Wednesday the Commerce Department .
The pace of sales was in line with analyst expectations and supported the view that an increase in mortgage rates is reducing boost to the housing recovery in the United States.
The August increase did not offset the sharp drop recorded in July, when the sales pace was the weakest since October.
Mortgage rates rose in early May , when the Fed indicated that it was planning to reduce its program of bond purchases .
The Fed surprised financial markets last week when he said remain unchanged its bond purchases for now, when most analysts and investors expected a reduction in the stimulus program. Some members said that the rising cost of credit was one of the factors to make that decision .
The housing market, which has been a major for the U.S. economy since the recession of 2007-2009 ballast seemed to turn early last year when prices began to rise.
Last month, the average selling price of a new home fell to $ 254.600 . This price , which is not adjusted for seasonal swings , has declined every month since May, although it is slightly higher compared to August 2012.
The inventory of new homes for sale rose 3.6 % in August compared with July , leaving stocks of unsold new homes at its highest level since March 2011 .