New home sales increased 1.6% in December to a seasonally adjusted annual rate of 842,000, the U.S. Census Bureau and Department of Housing and Urban Development report.
The rate is 15.2% above the December 2019 rate.
"While the market remains solid, median home prices are increasing due to higher building material costs, most notably softwood lumber, and a shift to larger homes," stated Robert Dietz, chief economist with the National Association of Home Builders. The median sales price in December was $355,900. The average sales price was $394,900.
Regionally, and for 2020 totals, new home sales surged in every region, growing 21.1% in the Northeast, 24.2% in the Midwest, 17.6% in the South and 18.9% in the West, according to NAHB.
The full report can be found here.
