Washington, D.C. — Sales of new U.S. single-family homes in August hit their highest level in more than six years, according to the Commerce Department.
The government said sales leaped 18.0% to a seasonally adjusted annual rate of 504,000 units, the highest level since May 2008. It was also the second consecutive month of gains. Also, July’s sales were revised higher to show a 1.9% gain instead of a 2.4% decline.
Economists had forecast a new home sales rate of 430,000 units.