House sales in US pushed up by rising interest rates

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The number of homes bought in the US in August has jumped up 7.9 per cent to 421,000 exceeding expectations of 420,000 and a July figure of 390,000 (revised from 394,000).

Despite Fed uncertainty, US residents have still bought more houses, with rising mortgage rates prompting sales.

The figure still remains well below the 700,000 threshold which most economists would consider healthy.