US new house sales drop 6.9% in January

US new house sales drop 6.9% in January

Mubasher: New home sales for single-family housing in the US dropped 6.9% month-on-month to a seasonally-adjusted annual rate of 607,000 in January, new data showed on Thursday.

In December last year, the revised rate came in at 652,000, the US Consensus Bureau and the US Department of Housing and Urban Development said in a joint report.

New house sales declined 4.1% last January, compared with an estimate of 633,000 in the same month of the prior year.

The median sales price for new houses sold last January stood at $317,200, while the average sales price was $373,100.

The seasonally-adjusted estimate for supply of new houses was 336,000 at the beginning of this year, representing a supply of 6.6 months at the current sales rate, according to the report.

The release of the figures for January came later than usual, due to a five-week partial shutdown of the US government, which ended on 25 January.

By 2:10 pm GMT, the EUR/USD pair fell 0.20% to $1.1304, while the US dollar index rose 0.23% to 96.7760.