New home sales down month-to-month

WASHINGTON, Feb. 24 (UPI) -- Sales of new single-family homes declined 0.9 percent from December to January, the U.S. Commerce Department said Friday.

Home sales in January came in at a seasonally adjusted annual rate of 321,000. In December 324,000 new homes were sold, the department said, releasing a revised figure.

The rate of home sales in January came in 3.5 percent above the 310,000 new single-family homes sold in the same month of 2011.

The Commerce Department said the average sale price for a new home sold in January was $261,600.

Going into February, there were 151,000 new homes on the market, a 5.6-month supply at the current rate of sales, the Commerce Department said.