Widget Image
Follow PPD Social Media
Tuesday, June 25, 2024
HomeNewsEconomySupply Saps New Home Sales After Year-End Surge

Supply Saps New Home Sales After Year-End Surge

A real estate sign advertising a new home for sale is pictured in Vienna, Virginia, outside of Washington, October 20, 2014. (Photo: Reuters)
A real estate sign advertising a new home for sale is pictured in Vienna, Virginia, outside of Washington, October 20, 2014. (Photo: Reuters)

A real estate sign advertising a new home for sale is pictured in Vienna, Virginia, outside of Washington, October 20, 2014. (Photo: Reuters)

The U.S. Census Bureau said new residential sales statistics show new home sales came in at a seasonally adjusted annual rate of 593,000, missing the median forecast. That’s 7.8% (±19.0%) below the revised December rate of 643,000 and is 1.0% (±16.4%) below the January 2017 estimate of 599,000.

The consensus was expecting a seasonally adjusted annual rate of 640,000.

Sales Prices

The median sales price of new houses sold in January 2018 was $323,000. The average sales price was $382,700.

For Sale Inventory and Months’ Supply

As we’ve seen with other housing market data, a lack of supply is the root cause of the weakness in the beginning of the year.

The seasonally-adjusted estimate of new houses for sale at the end of January was 301,000. This represents a supply of 6.1 months at the current sales rate.

Next Release

The February report is scheduled for release on March 23, 2018.

Written by

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

No comments

leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

People's Pundit Daily
You have %%pigeonMeterAvailable%% free %%pigeonCopyPage%% remaining this month. Get unlimited access and support reader-funded, independent data journalism.

Start a 14-day free trial now. Pay later!

Start Trial