January New Home Sales Beat Expectations At 321k, But Decline From Revised December Numbers

home sales

January new home sales came in at an annualized rate of 321k.

Economists were expecting 315k.

December’s new home sales were revised up substantially to 324k from a previous reading of 307k.

So, while the January new home sales level was higher than expected, it reflected a 0.9 per cent decline.

Economist were looking for the reading to have climbed 2.6 per cent.

From the Census Bureau’s announcement:

Sales of new single-family houses in January 2012 were at a seasonally adjusted annual rate of 321,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 0.9 per cent (±16.6%)* below the revised December rate of 324,000, but is 3.5 per cent (±17.6%)* above the January 2011 estimate of 310,000.

The median sales price of new houses sold in January 2012 was $217,100; the average sales price was $261,600. The seasonally adjusted estimate of new houses for sale at the end of January was 151,000. This represents a supply of 5.6 months at the current sales rate.

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