Sales of new homes rose nearly 16 percent in January to a seasonally adjusted annual rate of 437,000, according to the Commerce Department. The sales pace was the highest since July 2008, and the percentage gain from December was the largest in nearly 20 years. Sales volume for December has been revised upward to 378,000 from 369,000. The inventory of new homes for sale was unchanged last month at 150,000 — which is not far off August’s total of 143,000, the smallest supply in records dating back to 1963. At the current sales pace, it would take 4.1 months to deplete the number of new homes on the market — the lowest level in eight years. | Read More