New Home Sales Rise More than Expected in August

New U.S. single-family home sales rose more quickly than expected in August on the back of a strong upward revision for the prior's month's growth, pointing to a strengthening recovery in America's housing market.

The Commerce Department said on Thursday sales increased 5.7 percent to a seasonally adjusted annual rate of 552,000 units. (Reporting by Jason Lange; Editing by Chizu Nomiyama)