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Sales of U.S. New Homes Decline in January to Erase Gains Posted in December

Housing-Market / US Housing Feb 25, 2011 - 03:46 AM GMT

By: Asha_Bangalore

Housing-Market

Best Financial Markets Analysis ArticleSales of new single-family homes fell 12.6% to an annual rate of 284,000 in January after nearly a 17% jump in December.  Effectively, the level of new home sales is back to the November 2010 mark.  The record low is 274,000 established in August 2010.  Regionally, sales of new homes fell in the South (-12.8%) and West (-36.5%) but advanced in the Northeast (+54.5%) and Midwest (+17.1%). 




Inventories of unsold new single-family homes rose to 7.9-month supply and reversed part of the decline registered in December (7.0 month supply vs. 8.3 month supply in November).


 
The large number of newly built homes and supply of foreclosed homes has led to a challenging situation of home prices.  The median price of a new single-family home fell 1.9% to $230,600 in January from the previous month.  From a year ago, the median price of a new single-family home has risen 5.7%, the third consecutive increase, which is noteworthy.  The housing market will continue to remain front and center of Fed policy discussions. 


Asha Bangalore — Senior Vice President and Economist

http://www.northerntrust.com

Asha Bangalore is Vice President and Economist at The Northern Trust Company, Chicago. Prior to joining the bank in 1994, she was Consultant to savings and loan institutions and commercial banks at Financial & Economic Strategies Corporation, Chicago.

Copyright © 2011 Asha Bangalore

The opinions expressed herein are those of the author and do not necessarily represent the views of The Northern Trust Company. The Northern Trust Company does not warrant the accuracy or completeness of information contained herein, such information is subject to change and is not intended to influence your investment decisions.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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