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Monday, July 15, 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 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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