New-Home Sales Stay Resilient
Sales of newly built, single-family homes barely budged in January, staying near an elevated December sales reading, according to the latest report from the U.S. Department of Housing and Urban Development and U.S. Census Bureau. For the past two months, new-home sales have been trending at post-recession highs.
“The fact that January sales numbers maintained the gains we made in December is encouraging news, especially consideringharsh weather affecting certain parts of the country,” said Tom Woods, chairman of the National Association of Home Builders.
New-home, single-family sales dropped 0.2 percent in January, reaching a seasonally adjusted annual rate of 481,000 units. Inventories of new homes for sale were at a 5.4-month supply at the current sales pace in January.
Regionally, new-home sales rose by the largest amounts in the Midwest in January, increasing 19.2 percent in January. New-home sales also rose in the South, by 2.2 percent.
However, new-home sales plummeted in the Northeast, falling 51.6 percent in January, and largely attributed to harsh weather conditions this winter. New-home sales also fell 0.8 percent in the West.