US single-family home sales hit 10-year high

Washington

SALES of new US single-family homes unexpectedly rose in September, hitting their highest level in nearly 10 years, offering hope that the housing market was regaining speed after appearing to stall in recent months.

The Commerce Department said on Wednesday that new home sales surged 18.9 per cent to a seasonally adjusted annual rate of 667,000 units last month, amid an increase in all four regions. This was the highest level since October 2007, and followed August's upwardly revised sales pace of 561,000 units.