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Sales of new U.S. homes fell 7% in January

  • Sales of new U.S sales down 7%
  • 607,00 annual rate in January below estimates
  • Decline offset by upward revision for December

New home sales in the U.S fell 7% to 607,000 in January according to a new report published by the government on Thursday. The sluggish start to the new year appears to have been caused in part of the government shutdown and harsher-than-expected weather conditions. The number of sales in the first month of the year was below a 616,00 estimate by leading economists. However, the decline has been offset by an upward revision in sales for December.