New Home Sales Increased in January

New single-family home sales rose to a seasonally adjusted annual rate of 555,000 in January, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The January level was 3.7% above the revised December rate of 535,000 and 5.5% above the January 2016 level.

Sales rose in most regions, increasing 15.8% in the Northeast, 14.8% in the Midwest, and 4.3% in the South. In contrast, sales in the West fell 4.4%.

The median price of a new home was $312,900, down 3.0% from December. The average price was $360,900.

At the end of January there was an estimated supply of 5.7 months at the current sales rate, unchanged from December.

Read the Census/HUD release.