Experts were fooled once again as sales of new U.S. homes surged unexpectedly in February to their highest level since August, according to a report issued by the U.S. Commerce Department.
Observers believe the surprising strength of sales activity suggests the housing market continues to benefit from low interest rates. According to the report, sales of new homes rose a stronger-than-expected 5.8 percent to a seasonally adjusted 1.163 million annual pace in February, the fastest rate since the 1.190 million rate of August 2003.