Published: Sep 24, 2014
Source: Saudi Press Agency

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US new- home sales jump

Sales of new U.S. homes jumped in August to the fastest pace in more than six years, the government reported Wednesday.

The Commerce Department said sales of new homes rose 18 percent in August to an annual rate of 504,000 units, the fastest pace since May 2008. Also, July's new-home sales were revised upward to a rate of 427,000 from 412,000.

The improvement in new-home sales signals that the real-estate market might improve after the recovery stalled during the past year because of rising prices, higher mortgage rates, and weak wage growth.

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