Commerce Department Report

Commerce report showed that sales of new single-family homes dropped 9.2% to a seasonally adjusted annual rate of 1.106 million in January after an upwardly revised 5.2% gain in December. The weakness was broad-based, with three of four regions posting declines; only the Western U.S., where sales picked up 5.6%, saw improvement.
Some economists noted that the report seemed out of line with other recent housing indicators. Last week, the National Association of Realtors reported that sales of existing homes and condominiums, which account for a much bigger slice of the total housing market, had fallen a slight 0.1% in January to a seasonally adjusted annual rate of 6.8 million units. The Commerce Department reported earlier this month that housing starts rose 4.7% in January. Las Vegas real estate reflects the trend in the western U.S.