Single-family home sales in January grew 3.7 percent to a seasonally adjusted annual rate of 555,000 units compared with December’s rate of 535,000, according to the U.S. Census Bureau.
New home sales increased in the Northeast by 15.8 percent, in the Midwest by 14.8 percent and in the South by 4.3 percent. Sales dropped 4.4 percent in the West.
"We can expect further growth in new home sales throughout the year, spurred on by employment gains and a rise in household formations," said NAHB Chief Economist Robert Dietz in a statement. "As the supply of existing homes remains tight, more consumers will turn to new construction."
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