Home Sales Data Shows Housing Boom Slowing

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00009792-home-sales-data-shows-housing-boom-slowin/

By Martin Crutsinger, Associated Press

Sales of new homes fell for the second time in three months in January, providing further evidence that the nation’s five-year housing boom is slowing.

The Commerce Department reported Monday that sales of new single-family homes dropped by 5 percent to a seasonally adjusted annual rate of 1.233 million units last month.

That was a bigger drop than analysts had been expecting and provided support to the view that the housing market, after setting sales records for five straight years, is slowing under the impact of rising mortgage rates.

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