SALES OF NEW HOMES RISE IN AU­GUST BY 4.8%

USA TODAY US Edition - - MONEY+ LIFE -

De­mand for new homes con­tin­ues to surge de­spite an on­go­ing pan­demic and lin­ger­ing anx­i­ety about the U.S. economy. The pace of sales have now reached lev­els last seen be­fore the Great Re­ces­sion in 2006. Sales new homes in Au­gust rose by a very strong 4.8% to a sea­son­ally-ad­justed an­nual rate of 1.01 mil­lion units, the U.S. Depart­ment of Com­merce re­ported Thurs­day. The jump fol­lowed a new home sales spike in July of 13.9%. The rapid spread of COVID-19 in­fec­tions in the U.S. this spring quashed sales, but not de­mand. The pace picked back up in the sum­mer, driv­ing home prices in many places to record highs.

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