New home sales rose 5.7% at an annualized pace of 552,000 in August, according to the Census Bureau.
That was the highest annualized pace since early 2008.
Economists had estimated that sales rose 1.6% at an annual rate of 515,000 in August. That compares to a massive upward revision of +12% at an annual rate of 522,000 in the prior month.
More to come …
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