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New U.S. single-family home sales at 10-month high

Staff writer |
New U.S. single-family home sales surged in December to their highest level in 10 months. New home sales soared 14.5% to 501,000 units in 2015.

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The Commerce Department said sales rose 10.8 percent to a seasonally adjusted annual rate of 544,000 units, the highest level since February.

Sales last month were likely buoyed by unseasonably mild weather and a rise in the supply of homes on the market, which increased choices for buyers.

New home sales soared 14.5 percent to 501,000 units in 2015, the highest level since 2007. Economists had forecast new home sales, which account for about 9.1 percent of the housing market, edging up to a 500,000 unit-rate last month.

Housing is being supported by tightening labor market conditions, which are spurring a rise in household formation.

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