Brutal winter weather has been the excuse for a long string of weak economic stats this year, but not January New Home Sales, which surged 9.6% from December to a seasonally adjusted annualized pace of 468K - a 5-year high. Expectations were for a drop to 400K. December sales were revised higher from 414K to 427K.
The median sales price rose 3.4% Y/Y to $260,100.
The Northeast led the way with a 73.7 jump. Sales climbed 11% in the West, and 10.4% in the South. In the MidWest, they dropped 17.2%.