2018 New Home Sales Highest Since Great Recession

New home sales grew 2.3 percent in 2018 to an annual total of 627,000, the highest sales level since the Great Recession, according to the National Association of Home Builders.

January 2019 new home sales declined 6.9 percent to a seasonally adjusted annual rate of 607,000, according to the U.S. Department of Housing and Urban Development and U.S. Census Bureau.

In January, 66 percent of new home sales were priced between $200,000 and $400,000 and 22 percent of homes sold were between $400,000 and $750,000. The median sales price was $317,200.

“These numbers indicate that builders who can produce housing at affordable price points in the markets across the nation will be able to meet this sales demand that is generated by healthy household formations and solid job and wage growth,” NAHB Chief Economist Robert Dietz stated.

New home inventory increased to 336,000 in January, representing a 6.6-month supply.

Regionally in January, new home sales dropped 28.6 percent in the Midwest, 15.1 percent in the South and 11.4 percent in the Northeast. In the West, sales increased 27.8 percent.