Mumbai, Sept. 25 -- A report released by the Commerce Department on Wednesday showed new home sales in the U.S. unexpectedly skyrocketed to their highest level in well over three years in the month of August.
The Commerce Department said new home sales soared by 20.5 percent to an annual rate of 800,000 in August after slumping by 1.8 percent to a revised rate of 664,000 in July.
With the unexpected spike, housing starts leapt to their highest level since hitting an annual rate of 807,000 in January 2022.
The substantial increase by new home sales partly reflected strength in the Northeast, where new home sales soared by 72.2 percent to an annual rate of 31,000.
New home sales in the South also shot up by 24.7 percent to an annual rate ...