Last Update: 14-Mar-19 10:30 ET
New Home Sales
- New home sales decreased 6.9% month-over-month in January to a seasonally adjusted annual rate of 607,000 (Briefing.com consensus 623,000) from an upwardly revised 652,000 (from 621,000) in December. On a year-over-year basis, new home sales were down 4.1%.
- The median sales price declined 3.8% year-over-year to $317,200 while the average sales price fell 1.2% to $373,100.
- New home sales were down in all regions in January, with the exception of the West. Sales by region: Northeast (-11.4%); Midwest (-28.6%); South (-15.1%); and West (+27.8%).
- Homes priced at $399,999 and less accounted for 75% of total homes sold in January versus 68% in December.
- The inventory of new homes for sale increased to a 6.6-month's supply at the January sales pace from 6.3 months in December.
- The key takeaway from the report is that new home sales activity continues to be soft despite moderating price pressures.
|Median Price Y/Y