The U.S. Commerce Department released new home sales data on Wednesday. New home sales slid 9.2% to a seasonally adjusted annual rate of 494,000 units in January from 544,000 units in December.
Analysts had expected new home sales to reach 520,000 units.
The decrease was mainly driven lower sales in the West region. New home sales in the West region plunged 32.1% in January.