Sales of new homes in the U.S. fell by 12.6% in January to a seasonally adjusted 284,000 unit annual rate, the Commerce Department reported this morning.
Economists had expected a 310,000 pace from a previously reported 329,000 pace in December. The Commerce Department revised December's sales down to 325,000, but it was still the best rate since April 2010.
New-home sales are down 18.6% from January 2010.
The supply of new homes on the market rose to 7.9 months in January from 7 months in December. The median sales price for a new home fell 1.9% in January from December to $230,600. Median sales prices are up 5.7%, however, from January 2010.
Sales of existing homes rose 2.7% in January from December, the National Association of Realtors reported on Wednesday.
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