Commerce Department Reports "Continued Slowing of New Construction Homes for January 2007"

The housing market continues to adjust to "market balance."  The latest report on new construction sales shows a reduction of 16.6% in sales volume from the Commerce Deptartmant's revised December 2006 figures.  Today's Commerce Dept. Report shows slow, but steady absorbtion of Builders' inventory and continuation of the slowing of new housing starts.  The inventory of unsold new homes eased to 536,000 from 537,000, representing a reductionn to a 6.8-month supply at the January sales pace. Read the full report.

This news falls on the heels of yesterday's report by the National Association of Realtors that sales of "existing homes" in January 2007 (the same period) were up 3.0% from December 2006.