WASHINGTON - New home sales fell 12.6% in January to a seasonally adjusted annual rate of 284,000, as the median sales price declined and the supply increased, the Commerce Department reported Thursday.
December new home sales were revised lower to 325,000 from 329,000 reported last month.
Sales plunged in the West, offsetting a strong increase in December sales. New homes bought in the South fell to a record low. Sales increased in the Northeast and Midwest.
Economists polled by Thomson Reuters expected 310,000 new home sales for the month, according to the median estimate.
The median sales price for new homes declined 1.9% from December to $230,600. The median sales price was $218,200 a year ago.
The supply of new homes edged up to 7.9 months, the first increase in three months.
