New homes sell at highest pace in seven years

When the groundhog came out of his hole this year, he must have decided to buy a new home — sales of new single-family houses jumped to their highest level in seven years in February

New home sales hit a seasonally adjusted annual rate of 539,000 in February, according to the Census Bureau. That’s up from 500,000 in January, and is nearly 25 percent higher than February 2014’s rate.

The median sales price for new houses was $275,500 this February; the average sales price was $341,000. …read more