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Saturday, March 28, 2020
HomeNewsEconomyNew Home Sales Crush Forecast for January at 764k

New Home Sales Crush Forecast for January at 764k

An exchange showing one hand giving cash to the another for new house and keys, a vector illustration for new home sales. (Photo: AdobeStock)

New Residential Sales for December Revised 14k Higher to 708k

New residential sales statistics find new home sales rose 7.8% (±17.8%) in January and are now 18.6% (±19.2%) higher than last year. That number crushed the consensus forecast and the year-over-year gain for the month is off the estimate of 644,000 for January 2019.

Forecasts ranged from a low of 700,000 to a high of 727,000. The consensus forecast was 710,000.

New home sales in December — which were initially reported more than 23% higher year-over-year — were revised even higher from 694,000 to 708,000.

An exchange showing one hand giving cash to the another for new house and keys, a vector illustration for new home sales. (Photo: AdobeStock)
An exchange showing one hand giving cash to the another for new house and keys, a vector illustration for new home sales. (Photo: AdobeStock)

Sales Price

The median sales price of new houses sold in January 2020 was $348,200. The average sales price was $402,300.

For Sale Inventory and Months’ Supply

The seasonally‐adjusted estimate of new houses for sale at the end of January was 324,000. This represents a supply of 5.1 months at the current sales rate.

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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