Sales rose in January, to an annualized rate of 462,300. This minor change does not alter the story that activity is much lower than it should be.
Looking at sales per adult (taking into consideration that the population is growing, and therefore we should expect that sales will trend upwards over time), the rate for January was 10% below the longterm average (which is shown by the fl at orange line). Based on that long-term average sales rate, current sales should be in the area of 510,000. By contrast, the actual total for 2018 was 10% lower, at 458,442.