US new home sales in sharp decline in January

| February 24, 2011 | 0 Comments
US new home sales in sharp decline in January

The Commerce Department has today revealed a sharp fall in sales of new homes in the US for the month of January.

According to the Commerce Department, new single-family home sales fell 12.6% on a monthly basis to an annual rate of 248,000 units.

On an annual basis, January sales were down 18.6%.

However, the fall has been attributed to the severe wintry weather which gripped parts of the country during the month and an improvement is expected in February.

In related news, yesterday the National Association of Realtors (NAR) revealed sales of previously owned homes in the US rose in January.

The industry body said sales grew 2.7% in January to a seasonally adjusted annual rate of 5.36 million units – beating forecasts of 5.23 million units.

Sales were also up 5.3% compared with January 2010 levels.

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