January New Home Sales Fell 0.9% To A 321,000 Pace

New single-family home sales fell 0.9% to a 321,000 unit pace in January, though comes after the month before was sharply upwardly revised to a 324,000 unit pace (was 307,000 units). The reading was also a bit stronger than the 315,000 unit pace expected by consensus. Sales were mixed across regions, with the Northeast and the South reporting gains, while the Midwest and West saw declines. The months supply of unsold homes fell to a 5.6 months-supply from 5.7 in December, with the inventory of unsold homes now around its historic average. The median sales price edged up 0.3% to $217,100 from $216,500 (was $210,300), though remains down 9.6% over last January. The stronger than expected headline figure, together with strong upward revisions in December and a healthy consumer sentiment reading, will likely provide further support to markets today. 

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