New home sales spiked 9.6% in January to a seasonally adjusted annual rate of 468,000. That’s the highest level since 2008, according to a Reuters report. It’s also well above the 400,000-unit pace projected by economists.
December sales were also revised upward to a 427,000-unit pace from a previous report of 414,000 units, according to Reuters.
Sales in the Northeast spiked 73.7% to a seven-month high last month, while the South saw a 10.4% spike to a five-year high, Reuters reported. Sales in the West rose 11%.
Cold weather may have stifled sales in the Midwest, however. The region saw sales plummet 17.2% last month, according to Reuters.
Sales of new single-family homes blew past projections to reach a 5 ½-year high in January.