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New Home Sales Stumble in January, Hit Record Low Pace

Nick Nasad \ 10:32 AM EST \ February 24th, 2010
nnasad

New home sales unexpectedly plunged in January, sliding 11.2% compared to December and falling to a record low seasonally adjusted annual rate of 309K. Records for new home sales go back to 1963. January’s decline erases the gains seen in the market during the past year as the economy recovered from recession. It’s the third straight month of sharp contraction in sales as January’s 11.2% decline follows fall of 7.6% and 9.3% in December and November respectively and casts a long shadow on the housing sector.

jan-new-home-sales

Today’s report showed inventories rising to an estimated 234K homes for sale at the end of January, which was up from the 233K in December. The month’s supply at the current sales rate rose, to 9.1 from 8.0. The median price for a new home fell, year over year, in January by 2.4%, to $203,500 from $208,600 in January 2009.

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