Updated: 27-Jan-25 10:28 ET
 |
 |
Updated: 27-Jan-25 10:28 ET |
|


Highlights
- New home sales increased 3.6% month-over-month in December to a seasonally adjusted annual rate of 698,000 units (Briefing.com consensus 680,000) from an upwardly revised 674,000 (from 664,000) in November.
- On a year-over-year basis, new home sales were up 6.7%.
Key Factors
- The median sales price increased 2.1% yr/yr to $427,000 while the average sales price increased 4.2% to $513,600.
- New home sales month-over-month/year-over-year by region: Northeast (+41.7%; +25.9%); Midwest (-3.3%; +40.3%); South (-2.1%; +0.5%); and West (+20.3%; +6.9%).
- At the current sales pace, the supply of new homes for sale stood at 8.5 months, versus 8.7 in November and 8.2 months in the year-ago period.
- The percentage of new homes sold for $399,999 or less accounted for 48% of new homes sold versus 50% in November. Homes priced between $400,000 and $799,999 accounted for 44% of new homes sold versus 41% in November. New homes priced at $800,000 or over accounted for 9% of sales in December versus 9% in November.
Big Picture
- The key takeaway from the report is that new home sales growth was ahead of expectations in December, but selling prices jumped from the bottom of the range that was seen in 2024 toward the top, which presents a headwind to selling activity going forward.
Category |
DEC |
NOV |
OCT |
SEP |
AUG |
Total Sales |
698K |
674K |
615K |
726K |
691K |
Inventory (months) |
8.5 |
8.7 |
9.4 |
7.8 |
8.2 |
Median Price Y/Y |
2.1% |
-6.3% |
1.9% |
-1.2% |
-8.0% |