New home sales declined more than expected in January
February 25th, 2011 6:29am
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New housing sales were below forecasted January figures, which could be in direct correlation to the poor weather across much of the country, as well as declines in the western and southern states.Snow fell in great quantities across large areas of the U.S. during the month, which is being blamed in part for the poor performance, but other, more tangible reasons that the new housing market has struggled are prevalent.
The predicted rate for new single-family home sales January was 349,000, but the actual adjusted annual rate of 284,000 was 12.6 percent below the December rate of 325,000, the U.S. Department of Commerce announced. Sales in the Houston real estate market played into a 13 percent drop in demand in the South. Demand in the West dropped 37 percent.
"There has been no recovery in housing starts, permits or new-home sales. We're in a period where demand and supply will run well below average," Credit Suisse senior economist Jonathan Basile told Bloomberg. Basile added that the current demand on the housing market is not strong.
The Houston real estate market has recently seen strong numbers relative to the rest of the country. Home prices in Houston have risen for several consecutive months.
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