Sales of new single-family homes rose 7.8 percent in February to a seasonally adjusted annual rate of 539,000 units from an upwardly revised January reading, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, the National Association of Home Builders said in a release. This is the highest sales pace since February 2008. The inventory of new homes for sale was at 210,000 in February, which is a 4.7-month supply at the current sales pace. Sales increased 153 percent in the Northeast and 10  percent in the South. Sales dropped 6 percent in the West and 13 percent in the Midwest.