New Home Sales Grew in December

Sales of new single family homes rose in December to a seasonally adjusted annual rate of 544,000, according to the U.S. Census Bureau and Department of Housing and Urban Development. The December rate is 10.8 percent above the revised November rate of 491,000 and is 9.9 percent above the year ago rate of 495,000.

New home sales increased in all four regions, rising 31.6 percent in the Midwest, 21.0 percent in the West, 20.8 percent in the Northeast, and 0.4 percent in the South.

The median sales price of new houses was $288,900, down from $297,000 in November. The average price was $346,400, down from $364,200 in the previous month.

At the end of December, there was an estimated supply of 5.2 months at the current sales rate, down from a 5.6 month supply in November.

An estimated 501,000 new homes were sold during 2015, a 14.5 percent increase from sales in 2014.

Read the Census release.