U.S. Home Sales Soar

Sales of new U.S. single-family homes increased to their highest level in more than 13½ years in July as the housing market continues to show strong immunity to the COVID-19 pandemic, which has plunged the economy into recession and thrown tens of millions of Americans out of work, says the U.S. Commerce Department. New home sales rose 13.9 per cent to a seasonally adjusted annual rate of 901,000 units last month, the highest level since December 2006. New home sales are counted at the signing of a contract, making them a leading housing market indicator. June's sales pace was revised upward to 791,000 units from the previously reported 776,000 units.