Sales of new single-family homes dropped 9.2 percent in January to a seasonally adjusted 494,000 annual rate, the NAHB said, citing government data.
"After an unusually high December reading, some pullback is to be expected," said Ed Brady, chairman of the National Association of Home Builders and home builder and developer from Bloomington, Illinois. "On the positive side, builders are adding inventory in anticipation of future business."