New Home Sales Plummet Lowest in 4 Years

New Home Sales Plummet Lowest in 4 Years

Sales of new homes plunged 16.6% in January to a seasonally adjusted annual rate of 937,000, according to a report from the Commerce Department.  It was the lowest sales pace in four years, and was the biggest percentage decline in 13 years.

Sales were down 20.1% compared with January 2006.

Economists report sales in December were probably boosted by unusually warm weather during the month. The weather was more mixed in January, with warmer but wetter weather in the first half of the month across the northern tier of the continent.

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