New Home Sales were up 8% in January, which was much stronger than expectations. The December reading was revised higher by 2%. When factoring in the revision, sales were really up 10%. On a year over year basis sales are up 19%. The median home price was reported at $348,200, which was up 14% year over year. The estimate of new houses for sale at the end of January was 324,000, which represents a supply of 5.1 months at the current sales rate.