August New Homes Sales up 9.4 Percent

WASHINGTON - Sales of new homes rose by 9.4 percent in August, according to a report released Monday by the Commerce Department.

New home sales climbed to a seasonally adjusted annual rate of 1.18 million homes, up from a revised 1.08 million sales pace in July.

The increase was the largest since December 2000, when new home sales jumped by 11.7 percent. Additionally, August's numbers are a reversal of July's figures, when new home sales fell by 7.3 percent.

The West and South were the hottest markets for new home sales in August, posting increases of 19.5 percent and 12.6 percent, respectively. Sales in the Northeast rose by 6.1 percent, but dropped by 8.3 percent in the Midwest.

New Houses Sold During Period By Construction Stage-Survey:

(Percentages may not add up to 100 due to rounding)