August home sales increase
Figure show pace is 5.7% above previous month
Newly built, single-family home sales increased 5.7 percent last month, to a seasonally adjusted 552,000 annual rate, the National Association of Home Builders said.
Citing data from the U.S. Census Bureau and the Department of Housing and Urban Development, the figures follow upwardly revised numbers for July.
"Today's report indicates the release of pent-up housing demand as the overall economy strengthens, consumer confidence grows and mortgage interest rates remain low," said NAHB chief economist David Crowe. "The housing market should continue to move forward at a modest but more persistent pace throughout the rest of 2015."
Tom Woods, chairman of the NAHB and a home builder from Blue Springs, Missouri, said many builders report steady business.
"We continue to hear from our members that more serious home buyers are returning to the market," Woods said. "Builders are gradually adding inventory to meet future demand as they handle shortages of lots and labor."