New Home Sales Highest in Over Six Years

Washington, DC, Sept. 24, 2014 -- Sales of new U.S. single-family homes in August hit their highest level in more than six years, according to the Commerce Department.

The government said sales leaped 18.0% to a seasonally adjusted annual rate of 504,000 units.

That was the highest level since May 2008. It was also the second consecutive month of gains.

Also, July's sales were revised higher to show a 1.9% gain instead of a 2.4% decline.

Economists had forecast a new home sales rate of 430,000 units.