The sales of newly built, single-family homes increased 11.6 percent in December to a seasonally adjusted annual rate of 481,000 units, according to new data from the U.S. Census Bureau.
That figure represented a 53.6 percent increase in the Northeast, a 17.7 percent increase in the South and a 3.1 percent increase in the West. The Midwest, however, saw its single-family home sales drop by 11.5 percent.
"After a slow start to 2014 precipitated by bad weather conditions, new home sales have ramped up in the second half of the year," said NAHB Chief Economist David Crowe in a statement. "We can expect this momentum to continue into 2015 with the release of pent-up demand, particularly as existing home owners are trading up."
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