New home sales surge at the fastest pace in 7 years

New home sales rose 5.7% at an annualized pace of 552,000 in August, according to the Census Bureau.

That was the highest annualized pace since early 2008.

Economists had estimated that sales rose 1.6% at an annual rate of 515,000 in August. That compares to a massive upward revision of +12% at an annual rate of 522,000 in the prior month.

More to come ...