Sales of new single-family homes fell 12.6 percent in January from December’s rate, according to estimates from the U.S. Census Bureau and the Department of Housing and Urban Development. New home sales surged 17.5 percent in December, in part because of an expiring state tax credit in California. Sales in the west fell 36.5 percent in January after rising 62.5 percent the month before. The median sales price for a new house was $230,600; the average sales price was $260,300. There was a 7.9-month supply of new homes for sale at the end of January. More here and here.