New home sales jump to 4-1/2-year high in January
February 27, 2013 2:14 AM EST
New U.S. single-family home sales surged to their highest level in 4-1/2 years in January and the month's supply of houses on the market was the smallest since March 2005, further evidence the housing sector recovery is gaining muscle.
The Commerce Department said on Tuesday sales jumped 15.6 percent to a seasonally adjusted 437,000-unit annual rate, the highest level since July 2008 when the economy was in the throes of a recession.
The percentage gain was the largest since April 1993. December's sales pace was revised up to 378,000 units from the previously reported 369,000 units. Economists polled by Reuters had expected sales to rise to a 381,000-unit rate last month.=
(Reporting by Lucia Mutikani; Editing by James Dalgleish)
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Russia Is Ready for Shooting War, Will Likely Win Looming Nuclear Showdown with U.S. – Report
- Black Friday And Cyber Monday Sale 2014: AT&T's Cricket Wireless Offers Discounts On Lumia 1320, Galaxy S5, S4 And HTC Desire 510
- Microsoft Band Runs Out Of Stock, But Offers $10 Gift Voucher To Wait-Listed Customers
- ISIS Kidnaps Iraqi Defence Minister’s Family, Executes Female Parliament Candidates
- '$2,000 For Sex'—Pleads Unlucky-in-Love Guy On OKCupid
- Google Joins Forces with GoPro Inc with New Google Maps Focusing on Destination
- Target Early Black Friday 2014 Sale Ad Released For Nov. 26, 2014 Includes Deals On Toys, HDTVs And Video Games Such As ‘FIFA 15’ And ‘NHL 15’ For Xbox 360 [WATCH VIDEO]