US new home sales rise to 593,000 in September after August drop

US new home sales increased 3.1% in September from the prior month to a seasonally adjusted annual rate of 593,000, the Commerce Department said Wednesday.

Market expectations were for 600,000 new home sales. August sales were revised down to a 575,000 pace from an earlier estimate of 609,000, that is a 8.6% slump in August from July.