While the Commerce Department released a report on Friday showing a modest increase in new home sales in the U.S. in the month of September, the uptick came from a significantly downwardly revised level in August.
The report said new home sales inched up 0.2 percent to an annual rate of 467,000 in September from the revised August rate of 466,000.
Economists had been expecting new home sales to drop to a rate of 460,000 from the 504,000 originally reported for the previous month.
With the modest increase, the annual rate of new home sales reached its highest level since hitting 477,000 in July of 2008.
Peter Boockvar, managing director at the Lindsey Group, said, "The level of new home sales continues to creep higher but at a glacial pace and at 467,000, the current level remains extremely depressed."