U.S. New Home Sales Increased in January

Purchases of new single-family houses in the U.S. rose in January for the second consecutive month supported by strong demand. Here are the main takeaways from the Commerce Department's report released Wednesday:

--New home sales increased 4.3% in January compared with December to a seasonally adjusted annual rate of 923,000.

--The reading beats economists expectations polled by The Wall Street Journal, who expected a 0.9% increase to a seasonally adjusted annual rate of 850,000.

--January sales were 19.3% above the same month a year earlier.

--December new home sales were upwardly revised to 885,000 from an earlier estimate of 842,000.

--Monthly new residential sales data is volatile and often revised. January figures came with a margin of error of 18.1 percentage points.

--The median price of a new home was $346,400, up from $328,900 the same month a year earlier.

--The seasonally adjusted estimate of new houses for sale at the end of January was 307,000. This represents a supply of 4.0 months at the current sales rate.

Write to Xavier Fontdegloria at xavier.fontdegloria@wsj.com

  (END) Dow Jones Newswires
  02-24-21 1024ET
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