New-home Sales Spike 17.5% In December

twocents@thestreet.com (Miriam Reimer), The Street
Wed, 01/26/2011 - 8:08am

NEW YORK (TheStreet) -- Sales of newly built homes spiked 17.5% in December to a seasonally adjusted annual rate of 329,000, the Commerce Department said Wednesday morning, a far bigger jump than expected. The figure was expected to come in at a rate of 300,000, according to consensus estimates listed on Briefing.com, after sales of newly built homes rose 5.5% in November to a rate of 290,000 units. >> 10 Top Buy-Rated Real Estate Stocks for 2011 The homebuilder sector is well off its late-spring peak, when buyers were rushing to take advantage of federal tax credits for homebuyers, and is only slightly higher than at the beginning of 2010.

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