"Sales of newly built single-family homes fell 17.6% in January to a seasonally adjusted annual rate of 587,000 from a downwardly revised December reading, said Jing Fu, senior director of forecasting and analysis at the National Association of Home Builders, in a brief. The pace of new home sales is down 11.3% from a year earlier."
"Zillow Senior Economist Orphe Divounguy told The Builder's Daily that he expects a revision upwards from the 17.6% decline, meaning that the actual drop in sales may not be as significant as initially reported. There are also signs that new home sales bounced back a bit after January."
"I think this is partially weather distortion and partially demand softness. I do think it's a little bit of both, Kushi said. First American Deputy Chief Economist Odeta Kushi, in an interview, agreed that weather played a role. However, weather conditions weren't the only factor at play."
New home sales fell sharply in January, declining 17.6% to a seasonally adjusted annual rate of 587,000 units, down 11.3% year-over-year. The median sales price decreased 4.5% month-over-month and 6.8% year-over-year to $400,500. Economists attribute the decline to multiple factors: severe winter weather conditions, weak labor market conditions, and consumer uncertainty. The Middle East conflict adds additional short-term complications. However, economists expect the Census Bureau may revise figures upward, and February housing data suggests demand may have rebounded, indicating January's decline could be temporary rather than indicative of sustained weakness.
Read at www.housingwire.com
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