The pace of new single-family home sales rose 11.6% to a 481,000 seasonally adjusted annual rate in December, above the 450,000 rate that was expected and following a downward revision to the sales pace in November, data released by the Commerce Department Tuesday showed.
The November rate was revised down to 431,000 from 438,000.
For December, adjusted new home sales rose in every region of the country except a decrease in the Midwest region.
The supply of new homes for sale rose 2.3% to 219,000 in December from the 214,000 supply in November.
