WASHINGTON - Newly built, single-family home sales saw the highest rate since May 2008, according to data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. Newly built, single-family home sales jumped 18.6 percent for a seasonally adjusted annual rate of 504,000 units last month.

"This increase is a welcome sign after a slow start to 2014," said David Crowe, chief economist at the National Association of Home Builders. "As job creation continues, we can expect further release of pent-up demand and continued gradual growth in the housing recovery."

Last month the supply of new homes for sale remained stable at 189,000 units. This marks a 4.5-month inventory at the existing sales rate.