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Neither Snow nor Sleet Deterred New Home Sales in January, Up 9.6%

by devteam February 26th, 2014 | Share

Buyers seem to have ignored the unusuallyrnstormy weather that affected a lot of the country in January, trooping throughrnsnow and ice to boost new home sales.  ThernCensus Bureau and the Department of Housing and Urban Development said todayrnthat those sales rose significantly in January after slipping for threernstraight months.  </p

Sales nationwide were at a seasonally adjustedrnannual rate of 468,000, an increase of 9.6 percent from December’s pace ofrn427,000 units.  Further, the Decemberrnfigure was a substantial upward revision of the 414,000 units originallyrnreported.  January sales were 2.2 percentrnhigher than in the same month in 2013, 458,000.</p

On a non-seasonally adjusted basis therernwere an estimated 34,000 homes sold during the month, leaving an unsoldrninventory of 184,000, the same number as in December.  Because of the quickened sales pace inrnJanuary the inventory is estimated at a 4.7 month supply compared to a 5.2rnmonth supply in December.</p

The improvement in sales was drivenrnalmost entirely by activity in the Northeast where new homes sold at the raternof 33,000 units, up 73.7 percent from December and 3.1 percent above sales inrnJanuary 2013.  In the Midwest sales wererndown 17.2 percent to 48,000, 14.3 percent lower than the previous year.  Sales in the South rose 10.4 percent fromrnDecember and 22.7 percent from a year earlier to 276,000 units.  Sales in the West were at an annual rate of 111,000,rnup 8.0 percent for the month but were 23.4 percent below those in January 2013.</p

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About the Author

devteam

Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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