WASHINGTON, DC — After a strong performance in the final three months of 2001, sales of new homes declined nearly 15% in January to a seasonally adjusted annual rate of 823,000 units, according to the U.S. Census Bureau.

"We're seeing things slow down from what had been an extraordinary sales pace at the end of last year," stated Gary Garczynski, president of the National Association of Home Builders (NAHB). "Even so, there is no indication of fundamental weakness in the market, and higher numbers in February could substantially offset this latest decline."