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New home sales mark record low

Median price sinks to lowest point since December 2003

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Sales of new single-family houses hit a record low in January. Sales reached a seasonally adjusted annual rate of 309,000 last month, according to a report released by the U.S. Census Bureau and the Department of Housing and Urban Development. That's about 6.1 percent below the previous record low of 329,000 in January 2009, and about 11.2 percent below the revised December rate of 348,000, according to the bureau's historical data. The bureau's records reach back to January 1963. The non-seasonally adjusted rate of new homes sold also hit a record low of an estimated 21,000 units. Regionally, every region but the Midwest saw a month-to-month sales drop, with sales in the Northeast falling an estimated 35.1 percent; sales in the West, fell an estimated 11.9 percent, and sales in the South fell an estimated 9.5 percent. Sales rose 2.1 percent in the Midwest. Year-over-year sales dipped in every region but the West, falling an estimated 20 percent in the Northeast; sales in the South and...