U.S. new home sales surge in January

WASHINGTON ― Sales of new homes in the U.S. rose by 7.9 percent in January to a seasonally adjusted rate of 764,000 units, according to the U.S. Commerce Department. Lower mortgage rates helped to stimulate demand, leading to the highest pace since July 2007. Meanwhile, December’s estimate was revised upward from 694,000 units to 708,000, making for a month-to-month gain of 2.3 percent.