New home sales for single families totaled 552,000 homes last month. That's the best monthly figure since February 2008 and an encouraging sign of the housing market's momentum.
It was nearly a 6% increase from July, which was also revised up, according to the Census Bureau.
Still, the figure is a far cry from the historic average: the average monthly number of new home sales over the last 30 years is 706,000 according to Peter Boockvar, chief market strategist at the Lindsey Group.
"Today's figure is encouraging but we've got a LONG way to go," Boockvar wrote in a note to clients.
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