New home sales soar


The Commerce Department says sales of new homes jumped 7.9% in January to the fastest pace in more than 12 years.

(NBC NEWS) — New home sales soared last month to the fastest pace in more than 12 years according to the Commerce Department.

The agency said today that sales of new homes jumped 7.9-percent in January.

The Commerce Department says the homes sold at an annual rate of 764,000 last month which is the highest sales rate since July 2007, shortly before the U.S. economy slumped into the great recession.

Half of January’s sales gains came from people buying homes that have yet to be constructed.

Experts say that’s possible evidence that low mortgage rates may be driving their decisions to purchase.

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