Sales of new homes surged 4.8% in August to annual rate of 1 million units

Sales of new homes rose by a very strong 4.8 per cent in August to a seasonally-adjusted annual rate of 1.01 million units.

The gains reported Thursday by the The Commerce Department follow steep declines in March and April when COVID-19 infections spread in the US.

That pace picked back up in the summer, driving home prices in many places to record highs.

The median price of a new home sold was USD 312,800, according to the Commerce Department.