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Sales of New U.S. Homes Decreased More Than Forecast in January

  • Decline led by western region's biggest slump since 2010
  • Supply of new homes for sale highest in more than six years
Updated on

Purchases of new homes dropped more than forecast in January as contract signings slumped in the western U.S. by the most since May 2010.

Sales declined 9.2 percent to a 494,000 annualized pace after a 544,000 rate in December that was the strongest in 10 months, Commerce Department data showed Wednesday. The median forecast of economists surveyed by Bloomberg called for 520,000. Sales in the West fell 32.1 percent.