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Wednesday, April 17, 2024
HomeNewsEconomyHome Sales Fall Far More Than Views in January, Sales in West Plummet

Home Sales Fall Far More Than Views in January, Sales in West Plummet

Home-Prices-Home-Sales-Reuters
Home-Prices-Home-Sales-Reuters

Home sales and home prices data and reports. (Photo: REUTERS)

The Commerce Department reported on Wednesday that new single-family home sales fell 9.2% last month to an annualized rate of 494,000 units. The report showed the decline was fueled by home sales in the West plummeting, taking the gauge off of a 10-month high.

The median forecast that came from economists polled by Reuters had called for new home sales, which account for about 8.3% of the housing market, to fall to a 520,000 unit-rate last month. Sales in the West completely plummeted 32.1% to a 110,000 unit-rate, which is the lowest level since July 2014 and, on a percent basis, the decline was the largest since May 2010.

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PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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