Friday, February 24, 2012

New Home Sales Strong in January

January’s existing home sales came in well above the initially reported December rate at an annualized rate of 321,000 units. A strong upward revision of December’s new home sales, from 307,000 units to 324,000 units, meant that sales were down slightly from December. January’s report included upward revisions as far back as October.

The Northeast and South saw the strongest growth in January, rising 11.1% and 9.3% respectively. The Midwest and West both saw declines in January of 24.5% and 10.6% respectively. The decline in the west may, however, be a correction from December’s 23.2% growth.

Inventories are continuing to drop as the months’ supply on the market fell to 5.6 in January from 5.7 the previous month and is down from 6.8 in July. January saw prices appreciate 6.9%, with the median price of a new home at $221,200.

Read the report.

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