WASHINGTON, DC — Sales of new homes in August increased to a record 996,000 units on a seasonally adjusted annual basis, reported the U.S. Department of Commerce. That is a 1.9% increase over the July rate, which was revised downward to 977,000.
"Very low interest rates and the widely-held view that housing is a very good investment are largely responsible for the surge in new home sales," commented Gary Garczynski, president of the National Association of Home Builders (NAHB).