New Home Sales Fall to Record Low

New home sales fell to a record low rate in January, the Commerce Department said Wednesday.

Sales plunged 11% to an annual rate of 309,000 units, from 348,000 in December. It was the lowest rate on record, Commerce said.

Economists had forecast the rate to rise to an annual pace of 354,000 units, from an initially reported 342,000 in December, Bloomberg reported.

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.

New home sales account for about 15% of residential real estate sales.