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November 10, 2009

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New home sales strong

Tuesday, Jan. 28, 2003 | 10:19 a.m.

WASHINGTON -- U.S. new home sales unexpectedly rose to a record in December as the lowest mortgage rates in 40 years lured buyers and made 2002 the best year ever for builders.

New homes sold at a 1.082 million-unit pace last month, the Commerce Department said today, up 3.5 percent from November's revised 1.045 million-unit pace. That pushed sales for 2002 to a record 976,000 beating the 2001 standard of 908,000.

Housing thrived in an uneven recovery last year as Americans viewed homes as a better investment than stocks, which were falling for a third straight year. The median new-home price rose 3.4 percent during 2002, the government said today, bringing to the gain in prices over the past 10 years to 46.4 percent.

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