New home sales increased in December

New single-family home sales increased to a seasonally adjusted annual rate of 664,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The December reading was 8.0% above the revised November rate of 615,000 and is 4.4% above the December 2022 estimate of 636,000.

The rise in new home sales was driven by increases in the South (10.6%), Northeast (32.0%), and Midwest (9.2%), while there was a decrease in the West (-3.4%).

The median sales price of new houses sold in December was $413,200, down 3.0% from November. The average sales price was $487,300, up 0.4% for the month.

At the end of December, the seasonally adjusted estimated supply of new houses for sale at the current sales rate decreased to 8.2 months, from 8.8 months’ supply in November.

Read the Census/HUD release.