Sales of new U.S. homes rose more than forecast to end 2014

home price increase

home price increase(Bloomberg) — Purchases of new homes in the U.S. jumped in December to the highest level in more than six years, a sign the industry is poised to keep expanding in 2015.

Sales increased 11.6 percent to a 481,000 annualized pace, exceeding all estimates in a Bloomberg survey of economists and the most since June 2008, figures from the Commerce Department showed Tuesday in Washington. Demand increased in three of four regions.

Gains in employment, borrowing costs close to historically low levels and easing credit may prompt more prospective buyers to enter the housing market. The improving outlook is driving up confidence among builders, and companies such as D.R. Horton Inc. and Lennar Corp. project the recovery will be sustained.

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