New Home Sales Soar 9.6%

Before you go, we thought you'd like these...
Before you go close icon

New single-family home sales soared 9.6% to a seasonally adjusted annual rate of 468,000 for January, according to a Commerce Department report (link opens a PDF) released today.

After slumping down to a revised rate of just 427,000 in December, this month's reading is the best since July 2008. Analysts were very pleasantly surprised by the report, having expected another down month to a 400,000 annual sales rate. 


On a regional level, the Northeast region saw sales skyrocket 74% after a tough December. The West and South each added on around 10%, while new home sales in the Midwest fell 17%. In the past 12 months, national sales of new homes have risen 2.2%.

At the current rate of sales, there is an estimated 4.7 months of supply, the lowest level since last June. Despite booming sales and tighter supply, the median sales price fell $5,800 to $260,100, although average prices increased $14,000 for the same period. 

This latest report follows on the heels of a National Association of Realtors report, which pointed to a 5.1% decline for existing home sales in January.

The article New Home Sales Soar 9.6% originally appeared on

Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2014 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

People are Reading