Home sales rose modestly in January

WASHINGTON, Feb. 26 (UPI) -- Sales of new single-family homes rose sharply in January, climbing 9.6 percent above December's revised rate, the U.S. Commerce Department said Wednesday.

At a seasonally adjusted annual rate of 468,000, sales for the month surpassed December's 427,000 mark coming in 2.2 percent above the January 2013 total of 458,000.

Sales rose despite the freezing temperatures in January that slowed the economy in various sectors, including retail and manufacturing.

The Commerce Department said the median price for a new home sold in January was $260,100 with an average price of $322,800.

At the end of January, there were an estimated 184,000 new homes on the market, representing a 4.7 month supply at the current rate of sales.