New Home Sales Tick Down 0.4 Percent, But Are Up 23% From December 2018 Estimate

New single-family home sales fell to a seasonally adjusted annual rate of 694,000 in December, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The December level is 0.4 percent below the revised November rate of 697,000, but is 23 percent above the December 2018 estimate.

Sales declined in two of the four regions as the Northeast and South saw decreases of 11.8 percent and 15.4 percent, respectively. New home sales in the Midwest and West increased 10.1 percent and 31.0 percent respectively.

The median price of a new home was $331,400. The average price was $384,500.

At the end of December, the seasonally adjusted estimated supply at the current sales rate was at 5.7 months.

Read the Census/HUD release.

Share.

About Author

Hugo Dante

Hugo Dante is a research associate in the Economic Policy and Research group at the ABA.