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Summary Box: New-home sales down in January

AP News
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Posted: Feb 24, 2012 1:22 PM
Summary Box: New-home sales down in January

SALES DOWN: Sales of new homes dipped 0.9 percent in January to a seasonally adjusted annual rate of 321,000 homes, the Commerce Department said Friday. That followed four straight months of gains in which home sales rose 10 percent.

BIG REVISIONS: The gains came after the government upwardly revised sales figures from October through December. December's annual sales pace was the highest in a year.

STILL WEAK: Even with more sales, new homes are selling at less than half the rate that economists consider healthy.