New home sales dipped 0.9% in January after hitting a one-year high the previous month, the Commerce Department said Friday.
Sales declined to an annual rate of 321,000 following a revised 324,000 rate in December that was higher than previously reported.
January's rate was above economists’ median forecast of 315,000, Bloomberg reported.
The decline was led by a 25% drop in the Midwest and an 11% decrease in the West. Sales rose 11% in the Northeast and 9.3% in the South.
New home sales account for about 15% of residential real estate sales. Rising home sales can mean more business for flatbed trucking companies that haul building materials and dry van freight carriers that haul household appliances and furniture.
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