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New home sales rose by 1.1% in February, according to the latest data discussed by CNBC’s Rick Santelli and Diana Olick on ‘Squawk on the Street’.

The numbers are based on signed contracts for newly built homes, not closing, and are a good sign for the builders continuing into February despite a sharp spike in mortgage interest rates.

The number of homes sold that have not been started yet has also increased, indicating that builders will need to ramp up production quickly, leading to more home construction over the next few months.

However, prices are still up two and a half percent year over year for new construction, and mortgage rates are not necessarily set to drop significantly due to banking stress keeping them higher than expected.

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