Sales of newly constructed single-family homes held steady in January despite expectations that they would fall due to adverse weather. According to data from the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau, the seasonally adjusted annual rate of new home sales fell only 0.2 percent in January to 481,000 units, which is still among the highest rates since June 2008.
Most of that 0.2 percent drop can be attributed to the historically bad weather throughout the Northeast U.S., where new home sales dropped by 51.6 percent in January, the largest decrease in sales since June 2012. The intense snowstorms that have gripped the area have made it difficult for residents to get to work and go about their daily lives, let alone thinking about buying new homes. However, new home sales in the South and the Midwest made up for some of those lost sales, rising by 2.2 percent and 19.2 percent, respectively.