New single-family homes sales increased to a seasonally adjusted annual rate of 698,000 according to the U.S. Census Bureau and the Department of Housing and Urban Development. The December reading was 3.6% above the revised November rate of 674,000 and is 6.7% above the December 2023 estimate of 654,000.
The increase in new home sales was driven by gains in the Northeast (41.7%), followed by the West (20.3%), while the Midwest saw a loss (-3.3%), followed by the South (-2.1%).
The median sales price of new houses sold in December was $427,000, up 6.1% from November. The average sales price was $513,600, up 5.9% from the previous month.
At the end of December, the seasonally adjusted estimate of new houses for sale was 494,000, which represents a supply of 8.5 months at the current sales rate.
Read the Census/HUD release.