Sales of new homes surged 4.8 per cent in August

    New York, Sep 24 (AP) Sales of new homes rose by a very strong 4.8 per cent 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 US.
    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 USD 312,800, according to the Commerce Department.(AP) RUP
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(This story has not been edited by THE WEEK and is auto-generated from PTI)