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The U.S. Commerce Department released new home sales data on Tuesday. New home sales climbed 7.8% to a seasonally adjusted annual rate of 539,000 units in February from 500,000 units in January. It was the highest level since February 2008.
January's figure was revised up from 481,000 units.
Analysts had expected new home sales to reach 472,000 units.
The increase was driven by higher sales in the Northeast. New home sales in the Northeast rose 152.9% in February, after a 45.2% decline in January.
The median sales price of new houses sold was $275,500 in February, down from $289,400 in January.
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