Home Sales Plunge, Inventory at All Time High
US Jan new home sales hit slowest pace in a year
Mon Feb 27, 2006 10:00 AM ET
WASHINGTON, Feb 27 (Reuters) - Sales of new U.S. homes fell 5 percent in January to their slowest pace in a year while the number of homes on the market climbed to a record high, according to a government report on Monday that signaled further cooling in the housing market.
Sales of new single-family homes declined to a 1.233 million unit annual pace from an upwardly revised 1.298 million unit pace in December, the Commerce Department said.
January’s sales pace was slower than expected. Economists had forecast new homes sales would ease to a 1.260 million unit rate from the originally reported 1.269 million unit pace in December
Just for persepctive, If the dow Jones fell 5%, it would lose over 600 points.