NEW YORK (AP) — Sales of new homes rose by a very strong 4.8% 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 U.S.
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 $312,800, according to the Commerce Department.
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