New Home Sales Unchanged From Month Before

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New estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development show sales of new single-family homes relatively unchanged in January from December’s figure. In fact, the number of new homes sold dropped just 0.2 percent from the month before and, compared to last January, was up 5.3 percent. The report was a good sign for the housing market, as sales numbers were down only slightly despite the significant declines seen in areas, such as the Northeast, that were hit with severe winter weather during the month. It also beat economists’ expectations which called for a much larger drop in the number of new homes sold. The monthly report found the median sales price of new houses sold in January was $294,300; the average price was $348,300. At the end of the month, there was a 5.4-month supply of new homes available for sale at the current sales pace. A six-month supply is considered a healthy market. More here.

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