Home sales rose in January, clocking in at the fastest pace since July 2008, offering hope that despite arctic winter temperatures, the market is still on the right track.
Sales of new single-family houses were at a seasonally adjusted annual rate of 468,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 9.6 percent (±17.9 percent) above the revised December rate of 427,000 and is 2.2 percent (±20.2 percent)* above the January 2013 estimate of 458,000.
The median sales price of new houses sold in January 2014 was $260,100; the average sales price was $322,800. The seasonally adjusted estimate of new houses for sale at the end of January was 184,000. This represents a supply of 4.7 months at the current sales rate.
For more information, visit http://www.census.gov.