After an unseasonably cold December across much of the U.S., a jump in sales was expected in January.
Zillow reports that new home sales increased 3.7 percent from December to 555,000 units at a seasonally adjusted annual rate. Sales in the Northeast and West were particularly strong, with 22.2 and 10.9 percent increases, respectively, from the previous month.
The number of new homes on the market rose 3.5 percent from December to 265,000 units at a seasonally adjusted annual rate. It was the most new homes on the market since July 2009.
Over the year, new home inventory is up almost 11 percent – though it remains below where it stood for much of the 1990s and early 2000s and is less than half its peak levels.