New-Home Sales Hit Highest Level in Over Six Years in December
Source: Bloomberg
By Jeffrey Sparshott And Kris Hudson
Updated Jan. 27, 2015 11:54 a.m. ET
New-home sales rose to their highest level in more than six years in December, finishing the year on a strong note and suggesting renewed momentum for the sector.
Sales of newly built, single-family homes increased 11.6% from a month earlier to a seasonally adjusted annual rate of 481,000, the Commerce Department said Tuesday, the best showing since June 2008. Economists surveyed by The Wall Street Journal had expected sales to reach a pace of 450,000.
Adding to the brighter picture, figures for October and November were revised up by a combined 11,000.
New-home sales represent about one-tenth of the overall housing market, and monthly figures are frequently revised. December’s advance came with a margin of error of 16.5 percentage points. So it will take time to see if a new trend is in fact emerging.
Read more: http://www.wsj.com/articles/new-home-sales-rise-11-6-in-december-to-481-000-1422371230
