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Tuesday, October 3, 2023
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
Staff Writing Group

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.

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