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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