New home sales cross half-million mark; 1st time in 6 years

New-Home-SalesBy Jann Swanson | Mortgage News Daily

There was a significant jump in new home sales in August as the seasonally adjusted rate broke through the half million mark for the first time since May 2008. The Census Bureau and the Department of Housing and Urban Development said this morning that sales of newly constructed single-family homes were at a seasonally adjusted rate of 504,000 units, an 18 percent increase from sales in July. Economists surveyed by Reuters expected only 430k units.

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