New Home Sales Defy Winter Weather
Wednesday, February 26, 2014, CHARLOTTE, NORTH CAROLINA
January marked the highest pace of new home buying since the recovery began, defying expectations that more winter weather during the month would keep potential homebuyers away. A strong rise in purchases of homes not yet under construction may help explain the jump during inclement weather.
Consumer confidence data revealed an increase in plans to purchase a new home, keeping the outlook bright for sales.
The only drop in sales was in the Midwest, where unusually cold temperatures were low enough to close schools in the typically cold-resistant Chicago area. All other regions saw sizable gains in January.
The median new home sales price slipped to $260,100, but still remains three to four percent higher than a year ago. Low inventories are still supportive of further price gains.
Consumer confidence data revealed an increase in plans to purchase a new home, keeping the outlook bright for sales.
The only drop in sales was in the Midwest, where unusually cold temperatures were low enough to close schools in the typically cold-resistant Chicago area. All other regions saw sizable gains in January.
The median new home sales price slipped to $260,100, but still remains three to four percent higher than a year ago. Low inventories are still supportive of further price gains.
