News
New Home Sales Tick Upward
January 27, 2015
New single-family home sales spiked 11.6% in December to a seasonally adjusted annual rate of 481K units according to a Commerce Department report released today. A Reuters poll of economists had predicted 450K units sold last month. At the same time November estimates were revised downward to 431K units from 438K, but market watchers said the results still represented a housing recovery, however humble.
Last year, 435K new homes sold compared to 429K in 2013. New homes account for 8% of the residential market. A report earlier this week showed that existing home sales declined by 3.1% last year.
