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Sales of U.S. New Homes Surged in August to Seven-Year High

  • Last time new-home purchases were stronger was February 2008
  • Demand climbed in three of four regions, led by Northeast
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U.S. New-Home Sales Unexpectedly Climb 5.7% in August

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Purchases of new homes jumped in August to a seven-year high as Americans took advantage of historically low mortgage rates.

Sales climbed 5.7 percent to a 552,000 annualized pace, exceeding all forecasts of economists surveyed by Bloomberg and the highest since February 2008, from a 522,000 rate in July that was stronger than initially reported, a Commerce Department report showed Thursday in Washington.