Despite Gains in Midwest, New Home Sales Down 7.8%

Posted To: MND NewsWire

New home sales fell again in January, although not quite as sharply as in December . Stalling sales in recent months has now dragged the annual rate below that of a year earlier. The U.S. Census Bureau and the Department of Housing and Urban Development said sales of newly constructed single-family homes dropped by another 7.8 percent on top of a 9.3 percent decline in December. Sales were at a seasonally adjusted rate of 593,000 units compared to the upwardly revised (from 625,000) December estimate of 643,000 units. The rate is 1.0 percent lower than sales in January 2017. The rate of sales in January is the lowest since an estimate of 559,000 last August. Analysts polled by Econoday had predicted sales were come in between 600,000 and 700,000. The consensus was 600,000 units. On a non-adjusted...(read more)

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