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U.S. Home Sales Surge to 66-Month High
Sales of new homes in the U.S. grew 10% to a seasonally adjusted annual rate of 468,000 units in January, the highest volume since July 2008, according to the Dept. of Commerce.
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Sales of new homes in the U.S. grew 10% to a seasonally adjusted annual rate of 468,000 units in January, the highest volume since July 2008, according to the Dept. of Commerce.
The report says January regional sales jumped 74% in the Northeast, 11% in the West and 10% in the South. Home sales dropped 17% in the Midwest, which was hit with prolonged cold weather.
But new-home sales, which account for less than 10% of the American housing market, vary sharply from month to month and are not considered a reliable measure of the country's economic health.
Analysts point to several indicators that the overall housing market is cooling. They note that January sales of previously owned homes dropped to a 1.5-year-low, and housing starts posted their sharpest shrinkage in almost three years. Loan applications for homes hit a 19-year low last week.
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