January New Home Sales – Moving Sideways But Record Low Number of Homes for Sale Raises Expectations of New Construction

Sales of new homes slipped 0.9% to an annual rate of 321,000 in January. Purchases of new homes have moved around 311,000 to 324,000 for the last four months. Combined sales of new and existing homes have risen in the last three out of four months, largely due to the relatively strong performance of existing home sales. The number of homes for sale at 115,000 in January is a new record. This low mark is indicative that home building activity will stage a strong come back as employment

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