New-home sales in the U.S. surged in August to the highest level in more than six years, a sign that the housing recovery is making progress. Purchases of new houses jumped 18 percent to a 504,000 annualized pace, the strongest since May 2008 and surpassing the highest forecast in a Bloomberg survey of economists. The one-month increase was the biggest since January 1992.
“Sales could come in a little faster in the second half of the year,” said Ryan Wang, an economist at HSBC Securities USA Inc. in New York. “The housing market is stable.”
Article from: BLOOMBERG, SEPTEMBER 24, 2014