New-Home Sales Soar, Highest Since 2007

In January, new-home sales soared, climbing to their highest point since summer 2007, according to the Commerce Department.

New-Home Sales (Annual Rate): 764,000 (+7.9% MoM, +18.6% YoY)

For-Sale Inventory: 324,000

Months’ Supply: 5.1

Average Price: $402,300

Median Price: $348,200

Source: U.S. Census Bureau