U.S. new home sales dip, but remain near multi-year highs

New U.S. single-family home sales in January fell less than expected and supply rose to its highest level since 2010, hopeful signs for the sluggish housing market. The Commerce Department said on Wednesday that sales dipped 0.2 percent to a seasonally adjusted annual rate of 481,000 units. December's sales pace was revised up to 482,000 units, the highest level since June 2008, from 481,000 units. Economists polled by Reuters had forecast new home sales, which account for about 9.1 percent of the housing market falling to a 470,000-unit pace last month.

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