Sales of new single-family houses surged to a five-and-a-half year high in January, jumping 9.6 percent from an upwardly revised December estimate. The sales spike was welcome news after harsh winter weather led to the slowing of a number of economic indicators during the month. It was also unexpected. Surveyed economists forecast a slight dip in sales for the month, expecting them to fall rather than rising to their highest level since July 2008. January sales were 2.2 percent above year-before levels and reached a seasonally adjusted annual rate of 468,000 units. Regionally, new home sales saw double-digit increases in the Northeast, West, and South, while tumbling 17.2 percent in the bitterly cold Midwest. The median sales price of new houses sold in January was $260,100; the average price was $322,800. Also, there was a 4.7-month supply of new homes available for sale at the end of month. More here.