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Cold weather was a likely contributor to last month's 0.2 percent decline in new-home sales, which dropped from 482,000 annualized units in December to 481,000 annualized units, said NAFCU Chief Economist and Director of Research Curt Long.

Long analyzed data yesterday published by the Census Bureau and said January's new-home sales represent a 5.3 percent increase from a year ago.

"Homebuilder confidence has been solid lately, although assessments of foot traffic were poor in the latest report," Long said in a NAFCU Macro Data Flash report. "Mortgage rates remain low and improvements in the labor market should provide a stimulus for modest improvements in the housing market in 2015."

The Northeast region saw a sizable decline in monthly sales of 51.6 percent in January, and the West (-0.8 percent) also lost ground. Sales picked up in the Midwest (+19.2 percent) and South (+2.2 percent).

Based on current month sales, there were 5.4 months of supply in January, which was unchanged compared to December. The number of unsold homes left on the market increased from 215,000 to 218,000 units. The number of unsold homes is up 15 percent on a year-ago basis.

The median new-home price, non-seasonally adjusted, fell from $302,100 in December to $294,300 in January according to the Census Bureau. January's prices are up 9.1 percent from last year.