The U.S. Commerce Department released new home sales data on Wednesday. New home sales declined 0.2% to a seasonally adjusted annual rate of 481,000 units in January from 482,000 units in December, the highest level since June 2008.

December's figure was revised up from 481,000 units.

Analysts had expected new home sales to reach 477,000 units.

The decline was driven by weaker sales in the Northeast. New home sales in the Northeast dropped 51.6%, the biggest drop since June 2012.