New-home sales continue upward swing

28.9 percent annual jump makes for best January in 5 years

Sales of new single-family homes rose 28.9 percent on an annual basis in January to a seasonally adjusted annual rate of 437,000, the U.S. Census Bureau reported today.

That represents a 15.6 percent increase from December, and was the fastest pace of new-home sales for a January since 2008, blogger Bill McBride pointed out on Calculated Risk.