Although national new home sales fell to the lowest level since 1995, it was still a mixed picture in January, with sales in the West rising by 2.2% and inventory falling by 11,000 units:
New-home sales took their third tumble in a row during January, sinking to the lowest point since early 1995.
Sales of single-family homes decreased by 2.8% last month to a seasonally adjusted annual rate of 588,000, the Commerce Department said Wednesday. December new-home sales fell 4.0% to an annual rate to 605,000; originally, the government said December sales fell by 4.7% to 604,000. Sales declined 13.1% in November.
Economists forecast January sales at an annual rate of 600,000. The level of 588,000 was the lowest since February 1995's 559,000.
Year over year, new-home sales were 33.9% lower than the level in January 2007.
The median price of a new home decreased by 15.1% to $216,000 in January from $254,400 in January 2007. The average price decreased by 12.1% to $276,600 from $314,600 a year earlier. In December last year, the median price was $225,600 and the average was $274,700.
Inventories fell to an estimated 482,000 homes for sale at the end of January, down from December's 493,000...
Regionally last month, new-home sales decreased 2.4% in the South, 7.6% in the Midwest, and 10.3% in the Northeast. Sales rose 2.2% in the West.
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