U.S. Sales of New Homes Up in January - KTVN Channel 2 - Reno Tahoe News Weather, Video -

U.S. Sales of New Homes Up in January

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U.S. sales of new homes rebounded in January to the fastest pace in more than five years, offering hopes that housing could be regaining momentum after a slowdown last year caused by rising interest rates.
 
The Commerce Department says sales of new homes increased 9.6% in January to a seasonally adjusted annual rate of 468,000. That was the fastest pace since July 2008. 
 
It came as a surprise to economists who had been forecasting a sales drop in January, in part because of a belief that activity would be held back by bad winter storms in many parts of the country.
 
Sales had fallen 3.8% in December and 1.8% in November, leading to worries that the housing recovery could be losing momentum.  (AP)  

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