New Home Sales Surge in December

Washington, DC, Jan. 27, 2015 --  Sales of new single-family homes surged in December, according to the Commerce Department.

The government said sales rose 11.6% to a seasonally adjusted annual rate of 481,000 units, well ahead of economists' expectations for a 450,000-unit pace.

The total for 2014 was 435,000, a small 1.2% increase from 2013.