Sales of newly constructed homes fell 10% in January, sinking to the lowest level on record, according to a government report released Thursday.
The U.S. Census Bureau reported that new home sales fell to a seasonally adjusted annual rate of 309,000 in January from a revised 344,000 in December. It was the lowest level since the Census Bureau began keeping records in 1963.
Economists were expecting a sales rate of 324,000, according to consensus estimates compiled by Briefing.com.
The report also showed that the median sales price of new houses sold in January was $201,000, down 15% from $232,400 a year ago.