U.S. new home sales blow past estimates to 14-year high

WASHINGTON — Sales of new U.S. homes rose by 4.8 percent in August to a seasonally adjusted annual rate of 1.011 million units, according to the U.S. Commerce Department. It’s the highest level those sales have reached since September 2006. July’s pace meanwhile was revised up to 965,000 units, from the preliminary report of 901,000 units. In a Reuters poll, economists projected a one-percent slide in sales of new homes for the month.