January New Home Sales at record lows........50 years WOW

Sales of new single-family homes fell 11.2% in January to a record low of 309,000. Sales of new single-family homes declined in Northeast (-35.1%), South (-9.5%) and West (-11.9%) but rose in the Midwest (+2.1%).  Could this be weather related and is snapback due for February's numbers.

Inventories of unsold homes rose to a 9.1-month supply, while the median duration to sell a new single-family home rose to 14.2 months . The median price of a new single-family home fell 2.4% from a year ago to $203,500. On a year-to-year basis, the median price of a new home has dropped each month from December 2007, with one exception in October 2009.