U.S. new home sales increased by 18 percent in August

American newly-built home sales increased by 18 percent in August. 

The Commerce Department, announced on Wednesday that is sales continue at such a pace in a years time there will be more than half a million new home owners. 

The real estate sales surge for new homes is the fastest rate since 2008, representing a healthy recovery of the U.S. housing market, which has been subject to mixed sentiments in recent months.

However, it’s important to note that new homes only represent about 10% of the total housing market, meaning that most of the American housing market is made up of previously-owned homes.

Economists have been closely watching the housing sector ever since the Great Recession, as it played a big role in causing the whole financial turmoil in the first place.