Sales of new homes surged 4.8 per cent in August

The gains reported Thursday by the The Commerce Department follow steep declines in March and April when COVID-19 infections spread in the US. That pace picked back up in the summer, driving home prices in many places to record highs. The median price of a new home sold was USD 312,800, according to the Commerce Department.(AP) RUP RUP

Sales of new homes rose by a very strong 4.8 per cent in August to a seasonally-adjusted annual rate of 1.01 million units. The gains reported Thursday by the The Commerce Department follow steep declines in March and April when COVID-19 infections spread in the US.

That pace picked back up in the summer, driving home prices in many places to record highs. The median price of a new home sold was USD 312,800, according to the Commerce Department.(AP) RUP RUP