January New Home Sales Rise 15.6% to 437,000 Annual Rate

WASHINGTON — Sales of new single-family houses rocketed 15.6% to a seasonally adjusted annual rate of 437,000 in January, the Commerce Department reported Tuesday.

The accelerated sales pace followed a revised rate of 378,000 in December, originally reported as 369,000.

The January rate was far above that projected by economists polled by Thomson Reuters, who foresaw a 381,000 pace amid reports that low inventory was constraining sales in some regions. The sales rate was 28.9% above the January 2012 estimate of 339,000.

The 15.6% increase in the monthly sales rate was the largest since a 16.4% increase in April 1993, and the 437,000 pace was the greatest since a 477,000 rate in July 2008.

New home sales rose in all four geographical regions. Sales climbed 11.1% in the Midwest, 27.6% in the Northeast, 45.3% in the West, and 3.2% in the South.

The median sales price of new houses dropped 9.4% to $226,400 in January, from the revised December median price of $249,800. On a year-over-year basis, the median price ticked up 2.1% above $221,700 in January 2012.

The seasonally adjusted estimate of new homes for sale at the end of January was 150,000, virtually unchanged from the previous month. That represents a supply of 4.1 months at the current sales rate, the lowest since a 4.1 month supply in March 2005.

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