Hot market hits cool point

February 28, 2003

New home sales plummet 15.1% in January

Inman News Features

Sales of new, single-family homes fell flat last month, suggesting a start to a possible slowdown in the booming housing market.

New home sales plunged 15.1 percent in January to a seasonally adjusted annual rate of 914,000 from December's rate of 1.07 million, according to estimates released today by the Commerce Department.

However, last month's sales were still 5.1 percent above the January 2002 estimate of 870,000.

National Association of Home Builders President Kent Conine said the slowdown from rapid pace of sales in the last six months was practically inevitable. "From a builder's perspective, today's report is really no cause for alarm," he said. "(T)here is still a lot of strength in the nation's housing market."

The Commerce Department reported the median sales price of new homes sold in January was $182,300, while the average sales price was $228,600.

At the end of the month, the seasonally adjusted estimate of new homes for sale was 346,000, representing a 4.5-month supply at the current sales rate.

Copyright: Inman News Service

Contact ALTA at 202-296-3671 or

SoftPro, based in Raleigh, NC, offers a mature suite of products, designed specifically for the closing and title industry. Our mission is to serve our client base, with best-in-class products and services. Our products are modular so we don't force you to buy anything you don't need. You can always add on as your business grows. Unlike other software companies, we view the sale as the beginning of the relationship rather than the end. North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents. ALTA ONE Sidebar Ad - Green and Blue