–Home Supply Falls 0.5% To 188,000, Lowest Since December 1967
By Kevin Kastner
WASHINGTON (MNI) – The pace of new single-family home sales fell
12.6% in January to an annual rate of 284,000 after seasonal adjustment,
a larger drop than expected, data released Thursday by the Commerce
Department showed.
Sales were up sharply in the Northeast and Midwest regions, but
fell in the larger South and West regions.
Analysts had expected a decline in sales to a 305,000 seasonally
adjusted annual rate, based on the median forecast in a Market News
International survey. There were only modest revisions to the sales pace
in the previous two months.
On an unadjusted basis, new home sales were down 13.6% from
December and were down 20.8% from a year ago.
The supply of homes for sale fell 0.5% to 188,000 in January, the
lowest level since 187,000 in December 1967. As a result of the sharp
decline in the monthly sales pace and the very modest decline in supply,
the months supply rebounded to 7.9 months after plunging to 7.0 in
months in December.
The median sales price fell 1.9% to $230,600 in January, but was up
5.7% from a year ago.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,MT$$$$,M$U$$$,MAUDR$]
