Sales of newly built homes surged 20.5% in August, highest since January 2022. Rates remained high at 6.63% in August, dropping to a three-year low of 6.13% in September. Analysts are surprised by the sharp increase in sales, with a large margin of error in the data. Inventory dropped to a 7.4-month supply in August.

Read more at CNBC: August new home sales soar 20%