Purchases of new single-family houses in the U.S. fell in January after increasing significantly in December.
- New home sales dropped 4.5% in January on a month to a seasonally adjusted annual pace of 801,000. New home sales in December were revised upwards to 839,000 from an initial estimate of 811,000.
- Sales were 19.3% below the same month a year ago, when sales were at an adjusted annual pace of 993,000, the highest level since 2006.
- Monthly new residential sales data is volatile and often revised. January’s figures come with a margin of error of 16.2 percentage points.
- The median price of a new home was $423,000 in January, rising sharply from $395,000 the prior month.
The seasonally adjusted estimate of new houses for sale at the end of January was 406,000. This represents a supply of 6.1 months at the current sales rate.
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Source: U.S. Census Bureau.