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New Home Sales Plunge 10.9 Percent

WASHINGTON (Reuters) - Sales of new homes plummeted in January, the government said on Tuesday in a report showing the housing market may now be slowing as the world`s biggest economy weakens.

The number of new, single-family homes sold in January fell 10.9 percent to an annual rate of 921,000 after reaching a record 1.034 million annual rate in December, reflecting declines in every region across the nation, the Commerce Department said. It was the largest monthly decline since a 23.8 percent drop in January 1994.

Last month`s decrease in new home sales was bigger than estimated by analysts, who had figured sales totaled an annual 930,000 in January.

The supply of available new, single-family homes rose in January, increasing to 4.1 months` worth at the current sales pace from 3.6 months` worth in December.

Sales of new homes in the South, the largest housing market, declined 6.3 percent in January while sales in the Northeast tumbled 18.5 percent. Sales in the West fell 18.7 percent and those in the Midwest dropped 7.0 percent.

The median home price rose to $169,800 in January from $158,600 a month earlier, the department said.

The new homes sales data was in line with a recent report showing a declining pace in sales of previously owned homes.

Earlier this week, the National Association of Realtors reported that existing home sales fell for the second straight month in January, dropping 6.6 percent to an annual rate of 4.65 million units. That sales pace was the lowest since January 2000, when sales measured 4.54 million.
 
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Autor (Datum des Eintrages): Freetimetrader  (27.02.01 16:30:12)
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