Australian new home sales declined in January, offering fresh evidence of a down cycle in the market that is expected to continue throughout the year. The Housing Industry Association (HIA) reported that its monthly survey of large-volume builders showed new home sales fell 2.2% in January, following a gain of 0.2% the previous month. After hitting a two-year low in October, new home sales recovered in the final two months of the year. HIA executive director recently said he expects the market to stabilize in 2017 thanks to the government’s ongoing support of the industry through the First Home Owners Grant. The ... (full story)