New U.S. Home Sales Surge 9.6 Percent


Purchases of new homes in the U.S. jumped more than forecast in July, adding to signs that the economy is rebounding from the worst recession since the 1930s. Sales increased 9.6 percent, the most since February 2005, to a 433,000 annual pace, while the number of houses on the market dropped to the lowest level in 16 years.

Patrick Newport, housing economist at IHS Global Insight offers his perspective on Bloomberg.

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