New Home Sales Slip in January

New home sales dipped 0.9% in January after hitting a one-year high the previous month, the Commerce Department said Friday.

Sales declined to an annual rate of 321,000 following a revised 324,000 rate in December that was higher than previously reported.

January's rate was above economists’ median forecast of 315,000, Bloomberg reported.

The decline was led by a 25% drop in the Midwest and an 11% decrease in the West. Sales rose 11% in the Northeast and 9.3% in the South.

New home sales account for about 15% of residential real estate sales. Rising home sales can mean more business for flatbed trucking companies that haul building materials and dry van freight carriers that haul household appliances and furniture.