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New Home Sales Drop in January

by Chicago Agent

According to the U.S. Census Bureau and the Department of Housing and Urban Development, new single-family home sales fell in January compared to the month before.

1950s Family Looking At New Home Under Construction

Image by H. Armstrong Roberts/ClassicStock/Corbis

Sales of new single-family houses in January 2011 were at a seasonally adjusted annual rate of 284,000, according to estimates released jointly by both organizations last week. This is 12.6 percent below the revised December rate of 325,000 and is 18.6 percent below the January 2010 estimate of 349,000.

The median sales price of new houses sold in January 2011 was $230,600; the average sales price was $260,300. The seasonally adjusted estimate of new houses for sale at the end of January was 188,000. This represents a supply of 7.9 months at the current sales rate.

According to the National Association of Realtors, existing-home sales last month increased 2.7 percent from December.

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