Investing.com – Sales of new homes fell to a three-month low in January, driven by a decline in the Midwest as the housing sector continued to deteriorate.
Sales fell 6.9% to a seasonally adjusted annual of 607,000 units last month from a revised increase of 652,000 units in December, the Commerce Department said on Thursday. The data was delayed by two weeks due to the government shutdown at the start of the year.
Economists had forecast new home sales hitting a pace 622,000 units last month. New home sales, which are drawn from permits, are volatile from month to month.
The housing sector has shown signs of weakness recently, as data in January showed that existing home sales fell to its slowest pace since 2015. Meanwhile the cost of housing has risen, even as wage growth has failed to keep up with the pace of buying a home.
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