Residential

New home sales surge 18.9 percent in September, highest level in 10 years

Sales of new U.S. single-family homes unexpectedly rose in September, hitting their highest level in nearly 10 years, offering hope that the housing market was regaining speed after appearing to stall in recent months.

The Commerce Department said on Wednesday new home sales surged 18.9 percent to a seasonally adjusted annual rate of 667,000 units last month amid an increase in all four regions. That was the highest level since October 2007 and followed August’s upwardly revised sales pace of 561,000 units.

The percent gain was the largest since January 1992. August’s sales pace was previously reported at 560,000 units.

Read Article at CNBC.com

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