US new home sales jump to near 8-year high

GMT 18:57 2015 Thursday ,24 September

Arab Today, arab today US new home sales jump to near 8-year high

A home is offered for sale in the Logan Square
New York - AFP

Sales of new US single-family houses jumped in August to a near eight-year high, according to Commerce Department data released Thursday.

New-home sales ran at an annual pace of 552,000 in August, up 5.7 percent from the July rate of 522,000, which was revised upward by 15,000 from the prior estimate.

The August figures came in well above the 515,000 projected by analysts.

House prices also rose with the median price at $292,700, up 0.5 percent from July.

The sales in August came in at the fastest pace since February 2008, suggesting the trend is positive after a sluggish stretch, said the consultancy IHS in a note.

"After four months of declines in the three-month average of new home sales during the spring and early summer, August became the second month in a row with a positive trend," IHS said.

"Each region is progressing at a different pace, but all were flat to positive in August."


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