RISMEDIA, February 28, 2011—(MCT)—Sales of new U.S. homes fell in January 2011, almost completely retracing the strong gain seen in December, the Commerce Department recently estimated.
Sales dropped 12.6% last month to a seasonally adjusted annual rate of 284,000. Economists had been expecting a pace of 300,000.
For December, sales were up a revised 15.7% to a 325,000 level, compared with the previous estimate of a 17.5% rise to 329,000.
Economists had been leery of the initially reported surge, attributing much of December’s gain to home buyers who rushed to take advantage of a tax break in California that expired at the end of 2010.
http://rismedia.com/2011-02-27/new-home-sales-fall-12-6-percent-in-january-2011/
