Industry News

New-home sales plummet in the West

Nationwide median price falls 2.1% in January

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The rate of new single-family home sales in January was an estimated 20.1 percent below the rate for the same month last year, the U.S. Census Bureau and U.S. Department of Housing and Urban Development announced today. Sales fell to a seasonally adjusted annual rate of 937,000 in January, which was about 16.6 percent below the revised December 2006 rate. This rate is a projection of a monthly sales total over a 12-month period, adjusted for seasonal fluctuations in sales activity. Regionally, sales dropped an estimated 50.4 percent in the West, 11.2 percent in the South, 1.6 percent in the Northeast and rose 0.6 percent in the Midwest in January compared to January 2006. The median sales price of new houses sold in January was $239,800, down 2.1 percent compared to January 2006, and the average sales price was $313,000, up 4 percent compared to January 2006. The seasonally adjusted estimate of new houses for sale at the end of January was 536,000, which represents a supply of 6.8 mont...