New Homes Sales Drop 11.2% in January

GSIG LLC

According to the Department of Housing and Urban Development (HUD), new home sales dropped 11.2% to a seasonally adjusted annual rate of 309,000 from December to January.

Originally, December’s estimated rate was 342,000, a drop of 7.6% from November and was later revised to 348,000. January’s rate was 6.1% below the 2009 estimate of 329,000.

HUD stated the median sales price for new homes sold in January 2010 was $203,500, while the average was $254,500. The December median was $221,300 and the average was $290,600.

The seasonally adjusted estimate of new houses for sale at the end of January was 234,000, representing a supply of 9.1 months at the current sales rate. That’s up from an 8.1-month supply in December.