WASHINGTON (Reuters) -Sales of new U.S. single-family homes rose less than expected in January amid a sharp decline in the South region, but demand for new construction remains underpinned by a persistent shortage of previously owned homes.
New home sales increased 1.5% to a seasonally adjusted annual rate of 661,000 units last month, the Commerce Department’s Census Bureau said on Monday. The sales pace for December was revised lower to 651,000 units from the previously reported 664,000 units.
“The new side of the housing market continues to greatly outperform when measured against the market for existing homes,” said Daniel Vielhaber, an economist at Nationwide. “As the existing home inventory shortage persists, buyers continue to be pushed into the market for new homes.”
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