According to MarketWatch, the U.S. Commerce Department reported that new home sales rose 18 percent in August to a seasonally adjusted annual rate of 504,000, the fastest pace since May 2008.
This far exceeded August’s forecast from economists polled by MarketWatch, who had expected a sales rate of 426,000. The 18 percent gain is the largest one-month percentage rise since January 1992. Though the report eases concerns about fits and starts in the market’s recovery, economists warn against reading too much into a single month’s report because of its proneness to revisions.
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