Sales Of New US Homes At Highest Level In Over A Year

New home sales in the United States hit the fastest pace in more than a year on lower interest rates, according to government data. (Credit: AFP)

Sales of new homes in the United States last month exceeded analyst expectations Thursday, logging the fastest pace in more than a year on the back of cooler mortgage rates.

Sales of new homes stood at an annual rate of 738,000, seasonally adjusted, 4.1 percent up from the revised August figure of 709,000, said the Commerce Department.