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New home sales plummet in January

Thu, Feb 24, 2011

News

Sales of new single-family homes were at a seasonally adjusted annual rate of 284,000 in January 2011, according to a joint release today by the US Census Bureau and the US Department of Housing and Urban Development.

That is a 12.6 percent drop from the revised December rate of 325,000, and an 18.6 percent drop from the January 2010 estimate of 349,000.

The seasonally adjusted estimate of new houses for sale at the end of January was 188,000, which represents a nearly eight month supply.

Read the full release here.

Further analysis can be found here.

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