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The U. S. Census Bureau released its monthly update on new residential home sales on February 26, reporting that new single-family home sales increased 18.6% from the year-ago period in January, and increased 8% from December, on a seasonally adjusted level.

At a seasonally adjusted rate of 764,000 units, January represents the best new-home-sales month since 2007, coming in well-above expectations by most in the housing industry.

The January estimate wasn’t the only good news. The Census Bureau also revised its December data, increasing its initial estimate of 694,000 new homes sold to 708,000 as more information came in. For context, these numbers are revised regularly as more data becomes available.

Median prices increased 14% in January, largely a product of where sales were strongest. The northeast and west — home to some of the most-expensive housing markets in the country — reported sales increased 47% and 49% from 2019 levels in the month.