New Home Sales Rise in January

According to statistics released by the Department of Housing and Urban Development (HUD) and the Census Bureau, the National Association of Home Builders (NAHB) reports sales of newly-built single-family homes rose 9.6 percent in January to a seasonally-adjusted annual rate (SAAR) of 468,000 units, marking the strongest pace since July 2008. As knows, the rate in Dec. 2013 was an SAAR of 427,000 units. “We saw a weaker sales number in December 2013 than was previously trending, and I think much of January’s increase is due to sales catching up with pent up demand,” said NAHB Chief Economist David Crowe. “Still, there is little doubt that historically low interest rates, affordable home prices and a healing economy are bringing buyers back into the marketplace.”

Regionally, sales spiked 73.7 percent in the Northeast, 11.0 percent in the West, and 10.4 percent in the South. The Midwest saw new home sales fall 17.2 percent, likely, analysts say, because of the harsh winter that has swept the region. The 4.7 month supply of new homes at the current sales pace remained steady at 184,000 units. ##

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