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New Home Sales Dip

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Sales of new single-family houses in January were at a seasonally adjusted annual rate of 481,000, according to estimates released today by the U.S. Census Bureau and the Department of Housing and Urban Development.

This is 0.2 percent below the revised December rate of 482,000, but 5.3 percent above January 2014 estimate of 457,000.

The median sales price of new houses sold in January $294,300 and the average sales price was $348,300. Seasonally adjusted estimate of new houses for sale at the end of January was 218,000, representing a supply of 5.4 months at the current sales rate, its highest level since 2010.

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