By Michael Neal | NAHB
According to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, sales of new single-family homes fell by 7.8 percent over the month of January. The decrease in sales partly reflected an upward revision in the December estimate from 625,000 to 643,000. However, sales fell below the 600,000 level to 593,000. Despite the second consecutive decrease in new home sales, the three-month moving average, used to smooth the month-to-month volatility, is a 644,000, near its post-recession high.