Sales of newly built, single-family homes declined 11.2 percent in January to a seasonally adjusted annual rate of 309,000 units, the slowest pace on record, according to figures released by the U.S. Commerce Department last week.

The Midwest was the only region of the country to register an increase in new-home sales this January, posting a 2.1 percent gain from an abnormally low December rate. The Northeast and West posted double-digit declines, of 35.1 percent and 11.9 percent, respectively, and the South posted a 9.5 percent decline, according to the National Association of Homebuilders.

While the overall number of new homes on the market remained virtually unchanged in January, at 234,000 units, the month’s supply rose to 9.1 from 8.0 in the previous month due to January’s slower sales pace.


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