New U.S. single-family home sales surged in February to their highest level in seven years despite harsh winter weather, in a hopeful sign for the housing market.
The Commerce Department said on Tuesday sales jumped 7.8 percent to a seasonally adjusted annual rate of 539,000 units, the highest level since February 2008.
January’s sales pace was revised up to 500,000 units from the previously reported 481,000 units.
Economists polled by Reuters had forecast new home sales falling to a 465,000-unit pace last month.
New home sales are counted at signing of contracts. February’s gains came despite cold and snowy weather slamming large parts of the country in the last half of February.
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