Sales of new single-family homes fell 7.8% (-1.0% y/y) to 593,000 (SAAR) during January following December's decline to 643,000, revised from 625,000. It was the lowest level of sales since August. Expectations had been for 641,000 sales in the Action Economics Forecast Survey.

The median price of a new home declined 4.1% (+2.5% y/y) to $323,000 from $336,700, revised from $335,400. The average price of a new home fell 3.0% (+7.0% y/y) to $382,700.

Changes in new home sales were mixed last month across the country. In the Northeast, sales fell by one-third (-44.2% y/y) to 24,000, the lowest level since September 2015. Sales in the South also weakened 14.2% (-10.9% y/y) to 301,000, the lowest level since February 2016. To the upside, sales in the Midwest rose 15.4% (2.7% y/y) to 75,000, the highest level since March. Sales in the West remained strong, rising 1.0% (33.1% y/y) to 193,000.

The months' supply of homes on the market rose to 6.1, the highest level since July 2014. The median number of months a new home was on the market remained low at 3.3 and has trended sideways since 2013.

The data in this report are available in Haver's USECON database. The consensus expectation figure from Action Economics is available in the AS1REPNA database.