New Home Sales Hit 8-Month High

WASHINGTON:New single-family home sales raced to their highest level in eight months in December while prices were the highest since April 2008, raising cautious optimism for a housing market recovery.The Commerce Department said on Wednesda…

WASHINGTON:

New single-family home sales raced to their highest level in eight months in December while prices were the highest since April 2008, raising cautious optimism for a housing market recovery.

The Commerce Department said on Wednesday sales jumped 17.5 percent to a seasonally adjusted 329,000 unit annual rate after a downwardly revised 280,000-unit pace in November.

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