Sales of newly built, single-family homes increased 5.7 percent to a seasonally adjusted annual rate of 552,000 units in August from July’s 507,000 units, according to the U.S. Census Bureau.
The increase indicates that pent-up housing demand is beginning to release as the economy strengthens, consumer confidence grows and mortgage rates remain low, said David Crowe, chief economist for the National Association of Home Builders, in a statement.
"The housing market should continue to move forward at a modest but more persistent pace throughout the rest of 2015,” he said.
Regionally, the Northeast, South and West recorded gains of 24.1 percent, 7.4 percent and 5.4 percent, respectively. The Midwest posted a 9.1 percent decrease.
The data is available online.
