New Home Sales Unchanged in August

New home sales were unchanged in August, following a record drop in July, the Commerce Department said Friday.

Sales held at an annual rate of 288,000 units, which matched July as the second-lowest on record since records began being kept in 1963.

Economists had forecast the rate to rise to 295,000 units, Bloomberg reported. Sales had jumped 24% in June before falling in July.

Sales declined in two of four national regions, dropping 24% plunge in Midwest and rising 54% in the West.

Rising home sales can mean more business for flatbed trucking companies that haul building materials and dry van freight carriers that haul household appliances and furniture.

New home sales account for about 15% of residential real estate sales.