Updated: 26-Jan-23 12:01 ET
|Updated: 26-Jan-23 12:01 ET
- New home sales increased 2.3% month-over-month in December to a seasonally adjusted annual rate of 616,000 units (Briefing.com consensus 614,000) from a downwardly revised 602,000 (from 640,000) in November.
- On a year-over-year basis, new home sales were down 26.6%.
- The median sales price increased 7.8% yr/yr to $442,100 while the average sales price jumped 7.6% to $528,400.
- New home sales month-over-month/year-over-year by region: Northeast (-19.4%/-21.6%); Midwest (+35.2%/-14.1%); South (+6.5%/-17.5%); and West (-15.3%/-49.6%).
- At the current sales pace, the supply of new homes for sale stood at 9.0 months, versus 9.2 months in November and 5.6 months in December 2021. A six-month supply is typically associated with a more balanced market.
- The percentage of new homes sold for $399,999 or less accounted for 43% of new homes sold versus 38% in November and 47% one year ago.
- The key takeaway from the report is that it reflects how the pullback in mortgage rates has spurred some renewed demand among home buyers; however, affordability and supply pressures remain for many prospective buyers and that is holding back overall sales.
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