New-Home Sales Decline to a 13-Year Low

    Sales of new single-family homes fell 2.8 percent in January to the lowest rate in nearly 13 years, according to a U.S. Commerce Department report issued Wednesday.

    In January, the median sales price for a new home fell 15.1 percent to $216,000 from $254,400 a year ago. There were 482,000 homes for sale at the end of the month, a 2.2 percent decline from December, but the months’ supply crept up slightly to 9.9 months at the current pace, the highest since October 1981.

    The West was the only region to see an up tick of the sales pace with a 2.2 percent rise while sales slid 10.3 percent in the Northeast, 7.6 percent in the Midwest and 2.4 percent in the South.

    Source: Reuters News

    by REALTOR® Magazine Online

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